Capital Shifts from Crypto Tokens to Stocks as New Launches Bleed Value
The cryptocurrency market is witnessing a brutal reckoning for tokens launched in 2025, with 84.7% of 118 projects now trading below their initial offering prices. Median losses exceed 70%, erasing billions in valuation as investors pivot toward traditional equities without abandoning crypto entirely.
Despite record-breaking crypto IPO fundraising at $14.6 billion—a 48-fold increase from 2024—the sector's mergers and acquisitions activity reached $42.5 billion, suggesting consolidation rather than outright retreat. Projects once valued above $1 billion now show median losses of 81%, mirroring historic bear market troughs.