Crypto Market Structure Breaks Down as Token Failures and DeFi Exploits Drain Billions in 2026

TLDR: 84.7% of 2025 token launches trade below TGE price, with a median FDV decline of 71% across all launches. Over $500M was drained from DeFi protocols in two weeks, triggering $6.2B in Aave withdrawals alone. VC deal count dropped 60% YoY, with just 11 deals capturing roughly 85% of all Q4 2025 crypto funding. [...]

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