DWF Labs (using Memento Research) found that more than 80% of hundreds of 2025 token listings trade below their TGE price, with typical drawdowns of 50%–70% within ~90 days. As a result, institutional capital is shifting into publicly listed crypto equities (2025 IPOs ≈ $14.6B; M&A > $42.5B), with investors preferring infrastructure plays (custody, payments, settlement, compliance) where an “equity wrapper” enables licensing and distribution. The report frames this as a structural shift and highlights three indicators to watch: cadence of crypto IPOs/SPACs, progress in custody/settlement/compliance infrastructure, and token unlock/airdrop schedules.

Report data: >80% of 2025 token listings trade below TGE; typical drawdowns 50%–70% within ~90 days. Institutions are rotating into listed crypto equities (2025 IPOs ≈ $14.6B; M&A > $42.5B) and favor infrastructure plays with equity wrappers. These concrete metrics support a bearish outlook for token performance and a material shift toward equities/infrastructure.