The 2025 market landscape tells a sobering story. Median returns across the board landed at –75%, meaning the average investor saw more than two-thirds of their portfolio erased. What's particularly striking? High FDV projects experienced an even steeper collapse—hitting –83% drawdowns. This divergence suggests that elevated valuations offered little protection during the downturn; in fact, they may have amplified losses. For those tracking market cycles, this data underscores how brutal the correction became, with capital concentration in prestige projects failing to shield participants from the broader selloff.