PANews February 17 News, crypto KOL Edgy posted on X platform that 85% of tokens issued in 2025 are in a loss state. Many projects supported by venture capital firms only break even, and some are even in serious loss.
Galaxy Research charts show that in the second quarter of 2022, crypto venture capital firms raised nearly $17 billion through over 80 new funds in a single quarter; now, the investment return rate of venture capital firms has been declining continuously since 2022, with the number of new funds reaching a five-year low. The fundraising amount in the last quarter was only 12% of that in the second quarter of 2022.
Additionally, the $8.5 billion invested by venture capital firms in the last quarter was not new capital but leftover funds raised in 2022. The total capital deployed from 2023 to 2025 roughly equals the fundraising amount of 2022. The model of raising funds, issuing tokens, and selling to retail investors is coming to an end.
Edgy believes that as the influence of venture capital firms weakens and VC influence recedes, projects that truly succeed will be those with real users and real revenue. At that time, more fair issuance methods and fewer insider sell-offs will emerge.
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