2025: Public Markets and Crypto Both Priced the Future Wrong
Cross-market hangover.
In equities: More than two-thirds of (tech) IPOs are trading below their IPO price. Most companies sold growth expectations that simply didn’t materialise fast enough.
In crypto: The same dynamic played out at TGE. 84.7% of 2025 token launches are below their TGE valuation, with the majority sitting in the 70-99% drawdown “graveyard zone.”
What happens in 2026?
Source: @dailychartbook @mementoresearch
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
2025: Public Markets and Crypto Both Priced the Future Wrong
Cross-market hangover.
In equities:
More than two-thirds of (tech) IPOs are trading below their IPO price. Most companies sold growth expectations that simply didn’t materialise fast enough.
In crypto:
The same dynamic played out at TGE. 84.7% of 2025 token launches are below their TGE valuation, with the majority sitting in the 70-99% drawdown “graveyard zone.”
What happens in 2026?
Source: @dailychartbook @mementoresearch