對於押注鎖定令牌的投資者來說，加密市場面臨著一個苛刻的現實。

根據最近的數據，在2024年5月至2025年4月之間，這些投資者的平均虧損為50％，而非處方線（OTC）估值

Investors who bought locked tokens between May 2024 and April 2025 suffered an average loss of 50% compared to over-the-counter (OTC) valuations, according to recent data from STIX.

根據Stix的最新數據，在2024年5月至2025年4月之間購買鎖定令牌的投資者的平均損失與非處方（OTC）估值相比，平均損失50％。

However, recent data from STIX reveals a stark reality for investors who bought locked tokens. An analysis of 26 prominent cryptos launched in May 2024 and April 2025 showcases the extent of these losses.

但是，Stix的最新數據揭示了購買鎖定令牌的投資者的鮮明現實。對2024年5月和2025年4月進行的26個著名加密貨幣的分析展示了這些損失的程度。

Between May 2024 and April 2025, investors who bought locked tokens at their initial coin offering (ICO) price realized an average loss of 50% compared to over-the-counter (OTC) valuations, highlighting a worsening distrust towards new projects.

在2024年5月至2025年4月之間，與非處方（OTC）估值相比，在最初的硬幣產品（ICO）價格購買鎖定令牌的投資者實現了50％的損失，這強調了對新項目的不信任。

The analysis highlights the severe impact on investors who bought into new projects in 2024. These projects, which launched their tokens with a prolonged vesting period, faced significant price crashes.

該分析強調了對2024年購買新項目的投資者的嚴重影響。這些項目以長時間的歸屬期推出了代幣，面臨著大量的價格崩潰。

Scroll (SCR) and Blast (BLAST) saw their prices drop by more than 85% from their respective ICO prices. Eigenlayer (EIGEN) also suffered a substantial downturn with a 75% decrease in price. These alarming figures are in stark contrast to the performance of the broader crypto market, which saw a decrease of only 40.7% during the same period.

滾動（SCR）和Blast（Blast）的價格從各自的ICO價格下降了85％以上。 Eigenlayer（Eigen）也遭受了大量的低迷，價格下降了75％。這些令人震驚的數字與更廣泛的加密市場的性能形成鮮明對比，該市場在同一時期僅下降了40.7％。

The contrast is even greater against Bitcoin (BTC), which experienced an increase of 45% in the same timeframe. Furthermore, a dollar invested in a locked token would currently be worth only 0.25 dollar on the OTC market.

與比特幣（BTC）的對比更大，該比特幣在同一時間範圍內增加了45％。此外，投資於鎖定令牌的一美元目前僅在OTC市場上價值0.25美元。

These alarming results illustrate the major risk associated with prolonged vesting periods, which prevent any quick exit and expose crypto investors to uncontrolled price drops.

這些令人震驚的結果說明了與延長歸屬期有關的主要風險，這阻止了任何快速退出，並使加密貨幣投資者暴露於不受控制的價格下降。

With more than 40 billion dollars in locked altcoins about to be released this year, the crypto market could face a massive wave of selling pressure.

加密貨幣市場將有超過400億美元的鎖定山寨幣將面臨巨大的銷售壓力。

This excess supply is likely to prolong the bearish trend on new projects. However, the shortening of vesting periods observed in 2025 could partially limit the damage.

這種過多的供應可能會延長新項目的看跌趨勢。但是，在2025年觀察到的歸屬期的縮短可能會部分限制損害。

Analysts anticipate a more selective market: only crypto projects showing strong traction and sustained organic demand should succeed in performing in 2025.

分析師預計將有一個更具選擇性的市場：只有表現出強烈吸引力和持續有機需求的加密項目才能在2025年成功地進行。

Despite the optimism surrounding the potential of new technologies like AI, the crypto market in 2025 is entering a crucial phase.

儘管圍繞AI等新技術的潛力充滿樂觀，但2025年的加密市場仍在進入關鍵階段。

After two years of bullish momentum, which saw the total market capitalization triple to over three trillion dollars, the market is now faced with historic losses approaching 100 million dollars.

經過兩年的看漲勢頭，總計市值將總計三倍至3萬億美元超過三億美元，現在市場面臨著歷史損失的近1億美元。

Moreover, the massive arrival of tokens is putting immense pressure on an already saturated market. In 2024 alone, more than 40 billion dollars in locked altcoins are about to be released, presenting a significant challenge for market recovery.

此外，代幣的巨大到達正向已經飽和的市場施加了巨大的壓力。僅在2024年，即將發布超過400億美元的鎖定山寨幣，對市場回收帶來了重大挑戰。

As a result, caution is more necessary than ever in the crypto world. Only the strongest projects will survive this onslaught of pressure. Investors will need to be extra vigilant to navigate an environment that has become much more selective.

結果，在加密世界中，謹慎比以往任何時候都更加必要。只有最強大的項目才能倖免於這種壓力。投資者將需要額外的警惕，以駕駛已經變得更加選擇性的環境。