[Analyst: Number of New Crypto Funds Hits 5-Year Low, Total Fundraising from 2023 to 2025 Only Close to Full-Year 2022] Odaily Planet Daily News – Crypto KOL Edgy posted on the X platform, stating that by 2025, 85% of token issuance projects will be operating at a loss. Projects backed by venture capital firms are only able to break even in trading, with some even suffering significant losses. According to Galaxy Research charts, in Q2 2022, crypto venture capital firms raised nearly $17 billion through over 80 new funds in a single quarter. However, since 2022, the return on investment for venture capital firms has been continuously declining, and the number of new funds has hit a 5-year low. Last quarter's fundraising amount was only 12% of Q2 2022. The $8.5 billion invested by venture capital firms last quarter was not new capital but leftover funds raised in 2022. The total capital deployed from 2023 to 2025 is approximately equal to the fundraising amount of 2022 alone. The model of fundraising, issuing tokens, and selling to retail investors is coming to an end. As the influence of venture capital firms diminishes, projects with real users and revenue will prevail. The future will see fairer issuance methods, fewer insider sell-offs, and more developers focusing on optimizing products rather than fundraising.