Most new crypto tokens lost over 70% in 2025. Here is what comes next

The Crypto Managers Perspective

The widespread underperformance of new crypto tokens in 2025 reflects a structural reset rather than a cyclical anomaly. Easy liquidity that once masked weak fundamentals dried up, exposing projects with limited real-world utility, fragile token economics, and distribution models that favored insiders over long-term users.

Early liquidity events, often driven by aggressive emissions and short vesting schedules, created immediate sell pressure in a market that had already turned risk-averse. Without sustained demand or clear value capture, many tokens struggled to maintain relevance beyond their launch window.

From an investment standpoint, 2025 reinforced a critical lesson: token launches are no longer a substitute for product-market fit. Markets are increasingly rewarding projects that demonstrate revenue, user retention, and defensible use cases, while penalizing speculative narratives unsupported by adoption.

Looking ahead, this shift may ultimately strengthen the ecosystem. Tighter capital conditions tend to favor disciplined teams, longer-term vesting structures, and tokens designed around actual utility rather than short-term hype.

The Crypto Managers view this period as a filtering phase, one that is forcing crypto markets to mature by aligning incentives, capital allocation, and real economic value.

Source: Original Article