On-chain data from 2025 indicates that 84.7% of the 118 tokens launched through Token Generation Events (TGEs) are trading below their issue price, with a median decline of 71%. This trend highlights the challenges faced by new tokens amid poor token economics and liquidity issues. Meanwhile, Bitcoin's market dominance continues to rise, bolstered by $87 billion in inflows into Bitcoin ETFs since 2024. The shift in capital towards Bitcoin and Ethereum has resulted in significant losses for some hedge funds, which have reported declines of up to 23%. Early investors in these new tokens are experiencing substantial losses as the market gravitates towards more established cryptocurrencies.