加密風投熱潮破裂,85 % 的2025年代幣交易價格低於其發行價

DEFI3.67%

大多數2025年的代幣在交易價格低於首次上市價格,因為風險投資(VC)回報下滑以及新加密貨幣基金的創立降至五年來的最低點,顯示市場動態正發生重大轉變。

頂級風投不再保證代幣獲利

曾經推動爆炸性代幣發行的加密風險投資機制正逐漸失去動力。根據Galaxy Research近期的數據,2025年推出的代幣中約有85%目前交易價格低於其發行價。即使是由頂級風投公司支持的項目,也難以帶來有意義的回報,許多幾乎收支平衡,有些則深陷虧損。

與2022年形成鮮明對比。僅在2022年第二季度,加密VC就籌集了近170億美元,涉及超過80個新基金。機構投資者大量湧入,經常只憑一份代幣路線圖和推介資料就支持項目。

Crypto VC Boom Turns Into Burst as 85% of 2025 Tokens Trade Below Launch Price

快轉到今天,局勢已經逆轉。自2022年以來,VC投資回報率一直在穩步下降。新成立的加密基金數量已降至五年來的最低點。上個季度的募資額僅為2022年第二季度高峰期籌資的12%。

儘管據報導,風投公司上季度投資了85億美元,比上一季度增長了84%,分析師指出這主要是2022繁榮時期籌集的資金。事實上,2023年至2025年間的總投資額大致與2022年一年的籌資額相當。

然而,也許有一線希望。隨著風投資金變得越來越難以獲得,項目被迫專注於產品市場契合度、用戶增長和可持續收入,而非代幣炒作。內部人影響力的減少也可能意味著較少的激進解鎖代幣行為,以及建設者與社群之間更好的協調。

對此,去中心化金融(DeFi)研究公司@thedefiedge表示:“當VC影響力減弱,贏家將是那些擁有真正用戶和真正收入的項目。希望能有更少的鏈,更專注於產品而非下一輪融資的建設者。”

這一低迷或許標誌著資本驅動的代幣循環的終結,以及一個更以基本面為核心的加密生態系統的開始。

常見問題 📊

  • 為什麼大多數2025年的代幣都下跌?
    需求疲軟和VC驅動動能下降,壓低了價格。
  • 2022年VC籌集了多少資金?
    僅在2022年第二季度就籌集了近170億美元。
  • 新加密VC資金是否放緩?
    是的,新基金創立數量處於五年來的最低點。
  • 這對加密項目意味著什麼?
    團隊必須優先考慮真正的用戶和收入,而非炒作。
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免責聲明:本頁面資訊可能來自第三方,不代表 Gate 的觀點或意見。頁面顯示的內容僅供參考,不構成任何財務、投資或法律建議。Gate 對資訊的準確性、完整性不作保證,對因使用本資訊而產生的任何損失不承擔責任。虛擬資產投資屬高風險行為,價格波動劇烈,您可能損失全部投資本金。請充分了解相關風險,並根據自身財務狀況和風險承受能力謹慎決策。具體內容詳見聲明

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