The token playbook from 2021–2022 is breaking. In 2025, 90%+ of token launches are trading below their TGE price. At the same time, capital hasn’t left crypto. It’s just flowing through different rails ↓ What’s changing • Crypto IPOs raised $14.6B in 2025 — ~48× more than 2024 • Public crypto companies are valued higher than tokens with similar revenue • Crypto M&A hit a 5-year high ($42.5B) across exchanges, trading, and payments The takeaway: Capital isn’t disappearing. It’s shifting from token launches → equities and acquisitions. That’s a structural change in how the market funds infrastructure. Full report at the link. Author: Stacy Muur 📱 X (Twitter) | 📱 Telegram