Approximately 85% of the tokens launched in 2025 are currently trading at prices lower than their initial listing. This was reported by crypto analyst Edgy, who specializes in studying decentralized finance and market trends.
This is reported by Finway
“About 85% of the tokens launched in 2025 are trading below listing levels,” stated Edgy.
The impact of venture capital on the token market is declining
According to Edgy, deals involving venture capital funds no longer guarantee success for projects. Most of these investments in 2025 either yield minimal profits or even remain unprofitable. While the participation of a well-known venture capital fund was previously considered an important factor in attracting investor attention, this trend has weakened. This is confirmed by a chart from Galaxy Research, which illustrates changes in the dynamics of the crypto venture market.
Dynamics of venture funds after the peak in 2022
According to Galaxy Research, in the second quarter of 2022, cryptocurrency venture funds raised approximately $17 billion and launched over 80 new funds. During this period, LP investors actively invested in nearly all crypto projects. However, since then, the situation has changed significantly:
- The return on investment (ROI) for venture funds has been steadily declining since 2022.
- The number of new funds has fallen to a five-year low.
- In the last quarter, capital raising volumes accounted for only 12% of the figures from the second quarter of 2022.
Furthermore, Edgy noted that the total investment volume for 2023-2025 is nearly equal to the amount raised in just 2022.
According to the expert, the market development model based on rapid fundraising, token launches, and retail investor sales is gradually losing relevance. However, this trend may have positive implications for the industry: there are increasing opportunities for projects that have real users and revenue sources, as well as for launches with a smaller share of insider sales.
Edgy also suggested that in the future, we can expect a decrease in the number of new blockchain projects and a greater focus from teams on product development rather than on successive funding rounds.