Today in Crypto: Bitcoin holders have realized net losses over 30 days for the first time since late 2023, memecoin platform Pump.fun launches investment arm “Pump Fund,” and Injective holders back changes to the network’s economic model to curb new token supply while preserving its buyback-and-burn mechanism.
Bitcoin holders see first 30-day stretch of realized losses since late 2023
Bitcoin holders have realized net losses over 30 days, marking the first such stretch since late 2023, after more than two years dominated by realized profits.
According to data shared by Julio Moreno, head of research at CryptoQuant, the Bitcoin (BTC) rolling 30-day realized profit and loss metric has dipped below zero, indicating that coins moved onchain during the past month were sold at below their purchase cost.
“Bitcoin holders realizing losses, for a 30-day period since, late December for the first time since October 2023,” Moreno wrote on X.
The net realized profit/loss metric shows the net magnitude of profit or loss realized by all holders spending coins, according to CryptoQuant. A negative reading does not necessarily imply a price decline, but rather suggests that selling pressure is increasingly coming from holders who bought at higher levels.
Amid the renewed pressure on Bitcoin and digital assets, gold has surged past $4,700 per ounce for the first time as rising geopolitical tensions continue to push investors toward traditional safe-haven assets.
Pump.fun unveils Pump Fund investment arm
Memecoin launchpad Pump.fun is spinning up a new investment arm aimed at backing promising startups, in its first significant pivot away from its memecoin roots.
Pump.fun said on Monday it was launching Pump Fund alongside a $3 million hackathon, which would fund 12 projects with $250,000 each at a $10 million valuation.
It added that the investment arm would be “aligning itself with projects long-term,” which do not need to be crypto-related, and that it would provide mentorship from Pump.fun founders.
The project comes as trading volumes on the Pump.fun have fallen from highs in early 2025, which was spurred by a frenzy of memecoin trading at the time.
Pump.fun said its new investment arm would fund projects of “all maturities, verticals, and traction” with a focus on teams that are “shipping quickly [and] openly communicating their plans.”
“Aside from product/social traction, we'll assess the long-term viability of the project,” it added.
Injective community passes governance vote to slash INJ token supply
Injective’s protocol community approved a major tokenomics overhaul on Monday, passing a governance proposal with 99.89% support based on staked voting power.
Injective is a layer-1 blockchain focused on decentralized finance applications, with INJ (INJ) serving as its native token for staking, governance and transaction fees.
The Supply Squeeze proposal (IIP-617) reduces its native token issuance and maintains the network’s buyback-and-burn program, which uses protocol-generated revenue to permanently remove tokens from circulation.
The network said it has removed about 6.85 million INJ from circulation through token burns. The proposal is designed to accelerate tokens removal by aligning reduced issuance with recurring buybacks.
According to an X post from Injective on Monday, the governance changes, which are live, will enable “INJ to become one of the most deflationary assets over time.”
The governance vote follows a prolonged downturn in INJ’s market price amid a broader altcoin sell-off. Over the past year, INJ has fallen nearly 80% and is down more than 90% from its all-time high achieved in March 2024. The token was down about 8% on Monday, according to CoinGecko data.
Community reaction on X after the vote was mostly optimistic, with users framing it as a structural shift rather than a short-term market catalyst.
According to DefiLlama data, at time of writing Injective had $18.67 million in total value locked (TVL) across its DeFi ecosystem, down sharply from peaks above $60 million in 2024.
