Crypto Investor Capital Shifts to Publicly Listed Companies

The crypto market has witnessed a significant change in investor behavior, with capital increasingly flowing into publicly listed companies rather than new tokens.

A recent report from DWF Labs analyzed data on hundreds of token launches and found that over 80% of projects have fallen below their initial listing price within the first 90 days. This trend suggests that investors are becoming more cautious when it comes to new token launches, which often result in significant losses due to high volatility.

According to Andrei Grachev, managing partner at DWF Labs, this phenomenon is not a short-term market fluctuation but rather a structural shift in the way capital flows into the crypto space. He attributes the decline in token prices to the fact that many new projects fail to generate steady revenue and users.

In contrast, publicly listed companies have seen a surge in fundraising, with $14.6 billion raised through initial public offerings (IPOs) in 2025, up sharply from the previous year. Merger and acquisition activity has also reached a five-year high of over $42.5 billion.