Q4 2025 painted a bleak picture for the crypto space. A staggering 7.7 million tokens went under during this quarter alone—wiping out more than a third of all token project failures on record. That's 34.9% of the total right there.

The carnage accelerated after October 10th. That day triggered a liquidation cascade that evaporated $19 billion in leveraged positions within just 24 hours. One day. That kind of sudden deleveraging doesn't just hurt traders holding those positions—it sends shockwaves through the entire market, dragging down everything from altcoins to major holdings.