#美国民主党BlueVault The Great Cleansing of the Crypto Market: The Deep Logic Behind 11.56 Million Project Failures

$ETH $BNB

The numbers are staggering. According to the latest statistics from CoinGecko, by the end of 2025, more than half of the global cryptocurrency projects (53.2%) will have declared failure. In just the past year alone, the number of failed projects reached 11.56 million—accounting for 86.3% of the total "deaths" over the past five years. Even more concerning is that 7.7 million tokens collapsed in Q4 2025, as a "liquidation chain reaction" that began in mid-October triggered a market avalanche.

This is not just a shock at the data level. When speculative frenzy subsides, projects lacking real value are exposed. The market is undergoing a self-purification: bubbles are being squeezed out, and the industry is gradually returning to common sense. The core competitiveness of the crypto space has never been about the number of tokens, but whether projects can implement technology and build sustainable ecosystems.

This round of淘汰赛 (elimination race) offers a clear lesson to market participants: projects that only have concepts but lack fundamentals are destined to fail. Those that survive are teams with practical application value, solid technical foundations, and transparent governance. If the winter is cruel, it is also necessary—because every major adjustment filters out bubbles and sediments the foundation for those who can go far.

The darkest hour of 2025 is behind us. Looking ahead to the new year, the market is expected to regain vitality through cleansing and recovery.