資金流向轉變：投資者從加密代幣轉向上市加密公司股票

DWF Labs said token issuance was once a key means for crypto projects to raise funds and build communities, but oversupply, insufficient liquidity and waning speculation have weakened the basis for pricing new tokens. As investors increasingly prioritize regulatory compliance, revenue and the protections afforded by equity ownership, capital is flowing toward IPOs and mergers and acquisitions, signaling a gradual industry shift toward centralized corporate entities.

DWF Labs’ latest report showed that more than 80% of tokens issued in 2025 fell below their issue price within 90 days of listing, significantly undermining investor confidence. By contrast, funds are moving into IPOs of compliant crypto companies and industry M&A. The report did not disclose the total amount shifted, but described the trend as a major turning point from high-risk tokens toward corporate equity.