A Bitquery review found that trading accounted for $193.9 million of $752.5 million in large wallet wins tied to coins launched on pump.fun or listed directly on PumpSwap, separating trade profit from tracker-reported gains.
The Oct. 22 analysis covered 3,170 wallet-token wins with gains of at least $100,000 each. End dates for the sampled positions spanned Oct. 30, 2025, through Aug. 30, 2026. Bitquery classified $193.9 million as real trading profit only when wallet histories showed token purchases followed by sales to other traders. The calculation did not subtract transaction fees.
Bitquery attributed 51% of the tracker total to sales of tokens that the selling wallets had received by transfer. Another 13% met the firm’s criteria for wash loops, while 10% could not be classified either way. Bitquery counted a pattern as a wash loop only if one buyer accounted for at least half of purchases during the winner’s holding period and had sent money to or received money from the winning wallet or the coin’s creator. The on-chain patterns do not identify wallet owners or establish their motives.
Among the 25 largest wins, 15 met the wash-loop criteria and six involved transferred tokens. In a separate group of 1,579 wins where most tokens sold had arrived by transfer, Bitquery traced 1,104 to addresses associated with a coin’s creator.
The report offers no follower-return measure: Bitquery traced the tracked wallets’ positions, while transactions by people copying them were outside its scope. Bitquery’s transfer data stopped at Aug. 30; 2,943 subsequent wins of at least $100,000 fell outside the transfer review. The firm also excluded coins with fewer than 500 lifetime trades and traced transfers only one step back.
