85% of 2025 crypto tokens are below launch price.

VC hype is fading:

• ROI down since 2022

• New funds at 5-year low

• Last quarter fundraising only 12% of Q2 2022

$8.5B deployed last quarter is mostly old capital.

Old model: raise → launch → sell. Dead.

Now, real projects with users and revenue lead. Build over hype.