CoinGecko 报告显示，2025 年第一季度有高达 180 万个新发行加密代币归零，占自 2021 年以来发行总数（约 700 万个）的四分之一，创历史新高。报告指出，失败激增与市场波动及 Pump fun 等代币生成平台相关，后者简化了代币发行流程，导致低质量项目泛滥。Pump fun 平台代币失败率达 98%。（Cointelegraph）

<div>CoinGecko 报告显示，2025 年第一季度有高达 180 万个新发行加密代币归零，占自 2021 年以来发行总数（约 700 万个）的四分之一，创历史新高。报告指出，失败激增与市场波动及 Pump fun 等代币生成平台相关，后者简化了代币发行流程，导致低质量项目泛滥。Pump fun 平台代币失败率达 98%。（Cointelegraph）<br><br></div>

CoinGecko：2025 年 Q1 加密代币死亡率飙升，180 万个项目归零

CoinGecko report shows that up to 1.8 million newly issued crypto tokens went to zero in the first quarter of 2025, accounting for a quarter of the total issuance since 2021 (approximately 7 million), reaching a historic high. The report points out that the surge in failures is related to market volatility and token generation platforms like <Pump fun>, which simplified the token issuance process, leading to a proliferation of low-quality projects. The failure rate of tokens on the <Pump fun> platform reached 98%. (Cointelegraph)

<div>A CoinGecko report shows that up to 1.8 million newly issued crypto tokens went to zero in the first quarter of 2025, representing a quarter of the total issuance since 2021 (approximately 7 million), marking a historic high. The report points out that the surge in failures is related to market volatility and token generation platforms like Pump fun, which simplified the token issuance process, leading to an influx of low-quality projects. The failure rate of tokens on the Pump fun platform reached 98%. (Cointelegraph)<br><br></div>

CoinGecko: Crypto token mortality rate soars in Q1 2025, 1.8 million projects go to zero

Source: Galaxy Research
Translation: Jinse Finance
Bitcoin's closing price in 2025 is expected to be roughly the same as the level at the beginning of the year.
The cryptocurrency market experienced a genuine bullish wave in the first ten months of this year. Regulatory reforms continued to advance, ETFs continued to attract funds, and on-chain activity became increasingly active. Bitcoin hit an all-time high of $126,080 on October 6th.
However, the market failed to deliver the expected breakout after the initial frenzy; instead, it experienced rotation, repricing, and rebalancing. This was driven by factors such as unmet macroeconomic expectations, a shift in investment narratives, leveraged liquidations, and the actions of whale...

Galaxy: 26 Predictions for the Crypto Market in 2026

Following the controversy surrounding Fundstrat's Bitcoin views, co-founder Tom Lee responded, stating that the "contradictory predictions" seen by outsiders were actually research conclusions from different positions and timelines, not internal disagreements. Previously, Sean Farrell, head of digital asset strategy at Fundstrat, suggested that Bitcoin might retrace to the $60,000-$65,000 range in the first half of 2026; while Tom Lee believed Bitcoin could reach new highs, even surging to $200,000 as early as the beginning of 2026. A Fundstrat...

Tom Lee responds to Fundstrat's "contradictory" views on Bitcoin: Different positions, different timelines, not internal disagreements.

While fixed-rate returns are higher, liquidity is a price crypto users are unwilling to pay.