On-chain analysis platform Bubblemaps reported that about 80% of traders lost money after LAPTOP opened, describing the market as a bloodbath, and concluded with "Thank you Hunter Biden."

Layered data shows: at least 2 addresses lost between $100,000 and $1 million, about 100 addresses lost over $10,000, around 700 addresses lost over $1,000, and approximately 11,000 addresses experienced smaller losses. The total number of buyer addresses exceeded 11,500.

The same platform previously pointed out that about 60% of the largest holdings came from new wallets that were funded in the last ten days, most of which deposited on the opening day. The claimed amount on Substack was once equivalent to over $1 million in paper value at its peak, but the shallow pool could not allow all claimed orders to cash out simultaneously. Market-making addresses like Wintermute were observed selling during the volatility, and some wallets cashed out over $1 million during the decline.

The shallow pool at the opening once marked the fully diluted valuation at the $100 billion level, which was severely mismatched with the actual dollar amount in the pool. The distribution of losses formed a typical opening pyramid: a few large accounts bore the largest absolute losses, while a long tail of small accounts contributed to the number of losses.

Mechanically, this represents a one-way harvesting of retail orders by opening liquidity: the peak was achieved through thin trading, while losses were borne by market orders from the back. The beneficiaries were the market makers and claiming addresses that got their chips first or sold first; the pressured were the 11,000 small wallets that chased the price on the screen. Funds entered the pool through stablecoin purchases and exited through token sales, without forming a continuous counterparty among holders.

The ironic statement does not change the on-chain profit and loss table. The 80% loss ratio describes the addresses that have completed transactions, not the total airdrop that has not been sold.

Source: Public information