对于押注锁定令牌的投资者来说，加密市场面临着一个苛刻的现实。

根据最近的数据，在2024年5月至2025年4月之间，这些投资者的平均亏损为50％，而非处方线（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.

根据Stix的最新数据，在2024年5月至2025年4月之间购买锁定令牌的投资者的平均损失与非处方（OTC）估值相比，平均损失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的最新数据揭示了购买锁定令牌的投资者的鲜明现实。对2024年5月和2025年4月进行的26个著名加密货币的分析展示了这些损失的程度。

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月之间，与非处方（OTC）估值相比，在最初的硬币产品（ICO）价格购买锁定令牌的投资者实现了50％的损失，这强调了对新项目的不信任。

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.

该分析强调了对2024年购买新项目的投资者的严重影响。这些项目以长时间的归属期推出了代币，面临着大量的价格崩溃。

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.

滚动（SCR）和Blast（Blast）的价格从各自的ICO价格下降了85％以上。 Eigenlayer（Eigen）也遭受了大量的低迷，价格下降了75％。这些令人震惊的数字与更广泛的加密市场的性能形成鲜明对比，该市场在同一时期仅下降了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.

与比特币（BTC）的对比更大，该比特币在同一时间范围内增加了45％。此外，投资于锁定令牌的一美元目前仅在OTC市场上价值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.

这些令人震惊的结果说明了与延长归属期有关的主要风险，这阻止了任何快速退出，并使加密货币投资者暴露于不受控制的价格下降。

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.

加密货币市场将有超过400亿美元的锁定山寨币将面临巨大的销售压力。

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.

这种过多的供应可能会延长新项目的看跌趋势。但是，在2025年观察到的归属期的缩短可能会部分限制损害。

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

分析师预计将有一个更具选择性的市场：只有表现出强烈吸引力和持续有机需求的加密项目才能在2025年成功地进行。

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

尽管围绕AI等新技术的潜力充满乐观，但2025年的加密市场仍在进入关键阶段。

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.

经过两年的看涨势头，总计市值将总计三倍至3万亿美元超过三亿美元，现在市场面临着历史损失的近1亿美元。

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，代币的巨大到达正向已经饱和的市场施加了巨大的压力。仅在2024年，即将发布超过400亿美元的锁定山寨币，对市场回收带来了重大挑战。

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.

结果，在加密世界中，谨慎比以往任何时候都更加必要。只有最强大的项目才能幸免于这种压力。投资者将需要额外的警惕，以驾驶已经变得更加选择性的环境。