Daily News | PI Coin Circulation Market Cap Exceeded $10 Billion, RWA Track OM Token Hit A New Record High

Crypto Daily Digest: Pump.fun’s revenue dropped by nearly 90%, Strategy may increase its BTC holdings again

According to Farside Investors data, the U.S. Bitcoin spot ETF had a net outflow of $62.9 million last Friday, and the Ethereum spot ETF had an outflow of $8.9 million. Since 2025, the inflows of the two ETFs, BTC and ETH, have slowed down week by week, and last week they experienced weekly outflows, indicating that the market outlook is weak from a funding perspective.

pump.fun protocol fee income dropped by more than 88% from its historical peak

According to DefiLlama data, pump.fun’s protocol fee income last Saturday was $1.75 million, down 88.62% from its historical peak ($15.38 million on January 25). Pump.fun’s transaction volume last Saturday was $137.25 million, down 64.83% from its historical peak ($390.3 million on January 24).

In addition, according to the relevant page, pump.fun is currently testing the swap function internally. The community speculates that it may launch its own swap platform to replace Raydium.

Michael Saylor released another investment tracking chart, suggesting continued increase in Bitcoin holdings

Michael Saylor, founder of Strategy (formerly MicroStrategy), once again released an investment tracking chart, suggesting that he will continue to increase his holdings of Bitcoin. Today, he said, “I don’t think this reflects what I did last week.”

The MicroStrategy portfolio tracking chart uses a blue line to mark the price trend of Bitcoin, and a yellow dot to mark the increase in holdings on the chart. Previously, Michael Saylor released information related to the MicroStrategy portfolio tracking chart for more than ten consecutive weeks. According to the rules, MicroStrategy always increased its holdings of Bitcoin the day after the relevant news was released.

This week’s unlocking data: SUI, OP and ZETA will experience a one-time large unlocking

According to Token Unlocks data, this week SUI, OP and ZETA will have a one-time large-scale token unlock, with a total value of over $100 million. Among them: Sui (SUI) will unlock 22.97 million tokens at 8:00 on March 1, worth approximately $78.77 million, accounting for 0.74% of the circulation; Optimism (OP) will unlock 31.34 million tokens at 8:00 on February 28, worth about $37.3 million, accounting for 1.93% of the circulation. The unlocking amount of SUI and OP tokens is relatively small compared to their market cap, and the impact on the market will also be relatively small.

Market Trends: PI coin performed strongly, OM hit a new record high

Market Hotspots

The new currency PI performed quite strongly, with an average daily transaction volume of more than $500 million on the Gate.io platform. Its price performance also exceeded market expectations. After a brief drop to $0.6, it rose for three consecutive days and was quoted at $1.6 today. The market cap is $10.2 billion, ranking 12th in the entire market. This situation will not last long. The total amount of PI is 100 billion, and the current circulation is only 6.45%. The FDV of nearly $160 billion has exceeded XRP, which ranks third in market cap. In the future, the unlocking of more PI coins will directly impact the market, but the market is still in a vague state about the token economics of PI;

The leading token of the RWA sector, OM, continued to rise sharply, breaking through the $9 mark during the day, and the circulating market cap exceeded $8 billion; the RWA track is the second largest mainstream narrative in this round of market except for the AI ​​sector. BlackRock’s launch of the BUIDL tokenized fund in 2024 may be one of the important driving factors for the continued popularity of the RWA track;

Last week, the new coin KAITO opened low and rose, once breaking through $2, and then fell back to around $1.5 for consolidation; KAITO’s current circulating market cap is $370 million, and its total circulating market cap is $1.55 billion; KAITO has strong investors behind it, and was listed on most mainstream trading platforms including Gate.io on the first day of its launch; Some communities believe that KAITO may be opening up a new track for the attention economy. Whether the market will buy into KAITO’s narrative is worth paying attention to in the long term.

Mainstream Coins

BTC is still in the range of $94,000-$98,500. The inflow of funds into BTC ETF has not seen a significant reversal, and the fund level is weak. Today’s AHR999 index is 1.14, indicating that the current BTC price is suitable for long-termists to invest;

ETH rose above $2,800 during the day. Impacted by the news that Bybit may buy nearly $1.5 billion of ETH in OTC, ETH rose slightly; but from the perspective of fundamentals and ETH ETF funding, the environment of ETH has not been significantly improved;

Altcoins are generally falling, and the market lacks a collective narrative. The Layer 1 project Sonic and its eco projects are still relatively niche and worth keeping an eye on.

Macro News: The three major U.S. stock indexes all fell by more than 1%, and the Fed is likely to stop cutting interest rates in 2025

Last Friday, the three major U.S. stock indexes all fell by more than 1%, with the S&P 500 falling 1.71% to 6013.13 points, the Dow Jones Industrial Average falling 1.69% to 43428.02 points, and the Nasdaq falling 2.20% to 19524.01 points. In terms of U.S. bonds, the benchmark 10-year U.S. bond yield was 4.42%, and the 2-year U.S. bond yield, which is most sensitive to the Fed’s policy rate, was 4.19%.

Last Friday, all three major U.S. stock indexes fell by more than 1%, but at the same time, the 2-year U.S. Treasury yield, which is most sensitive to the Fed’s policy rate, also fell by 0.1%. The new U.S. February PMI data triggered investors’ concerns about economic slowdown and continued inflation. Nvidia’s earnings report this week could sway the direction of U.S. stocks. Analysts predict the Federal Reserve may only cut its benchmark interest rate once in 2025, and there’s a good chance it won’t cut rates at all.