#Strategy加仓BTC 15.56 million projects wiped out in one year—the liquidation frenzy in the crypto market

$ETH

Behind the numbers is a brutal reality of market bloodshed. According to CoinGecko's statistics, by the end of 2025, more than half of the global cryptocurrency projects have declared failure (53.2%). The most chaotic year is 2025—15.56 million failed projects emerged, accounting for 86.3% of the total failures over the past five years. Among them, 7.7 million tokens collapsed collectively in Q4 last year, starting from October 10—the "liquidation chain reaction"—which directly triggered a market avalanche.

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This is not just cold statistical data. When the frenzy of speculation subsides, those who were not dressed up all come to the surface. The market is squeezing the bubble, and the industry is trimming down—eliminating superficial tokens, leaving behind what truly has vitality. Real value has never come from piling up project numbers, but from tangible technological applications and sustainable ecological operations.

The darkest moment of 2025 is behind us. Looking ahead, projects that survive must meet three conditions: real application scenarios, solid technical foundations, and transparent governance mechanisms. Investors should also learn their lesson—stay away from hollow concepts and focus on long-term value. Every winter may seem brutal, but essentially it is a process of sedimentation and rebirth. What is washed away are illusions and bubbles; what remains is the foundation of the entire industry.

In 2026, we will wait together for the dawn of this industry.