70% of the time you’re below the break-even line—once you unlock, it’s straight into heavy selling to pressure the market. How else can you play this game?

According to Delphi Digital research, among the more than 540 tokens listed since 2020, an average of 70% are below their issuance price throughout their lifecycle, often issued at artificially inflated prices with very low circulating supply, with early price increases frequently taken by insiders and Farmers. After each unlock, the average performance of tokens is 7% lower than BTC, with the tenth unlock accumulating a disadvantage of 47%. Additionally, from January 2025, the revenue-weighted return of the top 10 revenue protocols is 30%, while BTC has fallen by 17%.