[Analyst: The total amount of crypto venture capital deployed between 2023–2025 is roughly equivalent to the total fundraising in 2022] Crypto KOL Edgy posted on the X platform, stating that 85% of tokens issued in 2025 are in a loss-making state. Among projects backed by venture capital firms, many can only achieve breakeven, while quite a few are facing significant losses. Galaxy Research charts show that 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. The number of new funds has hit a five-year low, and last quarter's fundraising amount was only 12% of Q2 2022. Additionally, 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 between 2023 and 2025 is roughly equal to the fundraising amount of 2022 alone. The model of fundraising, token issuance, and selling to retail investors is coming to an end. Edgy believes that as the influence of venture capital firms diminishes and the tide of VC power recedes, the projects that will truly succeed are those with real users and genuine revenue. At that point, fairer issuance methods and fewer insider sell-offs will emerge.