📉 85% of 2025 tokens are trading below launch
85% of token launches in 2025 are trading below their listing price. Even VC-backed deals are barely breaking even, with many deep in the red.
In Q2 2022, crypto VCs raised nearly $17B in a single quarter and launched 80+ new funds. Capital was flowing into almost anything labeled “crypto.”
Now the picture is different:
➡️ VC ROI has been falling since 2022
➡️ New fund count is at a 5-year low
➡️ Last quarter fundraising was just 12% of Q2 2022 levels
Yes, VCs deployed $8.5B last quarter, up 84% QoQ. But most of that is capital raised in 2022. From 2023 to 2025, total capital deployed is roughly equal to what was raised in 2022 alone.
The old model was simple: raise a round, launch a token, sell to retail.
That model is fading.
As VC influence weakens, projects with real users and real revenue may finally have an edge. Less insider pressure. More product focus.
The easy money cycle is closing. The build cycle might be starting.
85% of token launches in 2025 are trading below their listing price. Even VC-backed deals are barely breaking even, with many deep in the red.
In Q2 2022, crypto VCs raised nearly $17B in a single quarter and launched 80+ new funds. Capital was flowing into almost anything labeled “crypto.”
Now the picture is different:
➡️ VC ROI has been falling since 2022
➡️ New fund count is at a 5-year low
➡️ Last quarter fundraising was just 12% of Q2 2022 levels
Yes, VCs deployed $8.5B last quarter, up 84% QoQ. But most of that is capital raised in 2022. From 2023 to 2025, total capital deployed is roughly equal to what was raised in 2022 alone.
The old model was simple: raise a round, launch a token, sell to retail.
That model is fading.
As VC influence weakens, projects with real users and real revenue may finally have an edge. Less insider pressure. More product focus.
The easy money cycle is closing. The build cycle might be starting.
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Our suite of Cryptocurrency Reference Rates and Real-Time Indices as well as futures and options have played a pivotal role in the maturation of bitcoin and ether markets, allowing for unparalleled price discovery in a transparent and liquid futures market.
Our suite of Cryptocurrency Reference Rates and Real-Time Indices as well as futures and options have played a pivotal role in the maturation of bitcoin and ether markets, allowing for unparalleled price discovery in a transparent and liquid futures market.