According to Wu Blockchain, Delphi Digital's research shows that over 540 tokens launched since 2020 have spent an average of 70% of their lifecycle trading below their issuance price. These tokens are often issued at inflated final prices with very limited circulation, leading to initial price surges being captured by insiders and farmers. On average, tokens underperform BTC by 7% after each unlock; by the 10th unlock, this underperformance accumulates to -47%. Notably, since January 2025, a revenue-weighted portfolio of the top 10 protocols by income has delivered a 30% return, while BTC has dropped 17%. https://(wublock123.com)/news/delphi-digital-report-70-percent-tokens-trade-below-issuance-price-62145