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
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