According to a Bloomberg article, beyond Bitcoin's sharp decline this month, deeper pressures in the crypto market stem from the liquidity and fundamentals of long-tail tokens. In recent years, hundreds of millions of cryptocurrencies have been created, but fewer than 1,700 can generate meaningful daily trading activity on DEXs; most VC-backed tokens are priced below their issuance price, with some dropping over 90%, and the average return of their research sample is about -80%. Cardano founder Charles Hoskinson recently also warned that more projects may disappear, corporate funds may be exhausted, and developers may leave the ecosystem.