Midnight Token Plummets 22% as Data Shows 85% of 2025 Crypto Launches Are Underwater

It’s another risk-off day in the crypto market, led by a steep 22% drop in Midnight Network's NIGHT token, making it the worst performer among the top 100 cryptocurrencies. The sell-off comes as Bitcoin slips below $88,000 and a stark year-end analysis reveals the vast majority of tokens launched in 2025 are now trading below their debut prices.

The Class of 2025's Brutal Report Card

Only a small fraction of crypto tokens introduced this year are worth more than they were at their debut. According to analysis of 118 tokens by Memento Research, just 15% are trading above their token generation event (TGE) valuation.

The median token is down roughly 71% in fully diluted value (FDV) and 66% by market capitalization. The pain is most acute for the most-hyped projects. Among the 28 tokens that launched with an FDV of $1 billion or more, none are above water, with the group showing a staggering median decline of 81%. Big-name launches in infrastructure, DeFi, and AI sectors have dragged down the overall average.

Bitcoin Stalls and Derivatives Signal Caution

Bitcoin, the market's bellwether, failed to establish a foothold above the $90,000 resistance level on Monday and has since fallen to $87,809.43. Traders are now bracing for potential volatility following the release of the third-quarter U.S. GDP data later today.

The derivatives market echoes this cautious sentiment. Open interest in BTC futures has remained flat for over a week, indicating a lack of new leveraged bets. On Deribit, the most popular BTC option for January expiry is the $80,000 put, suggesting traders are positioning for, or hedging against, further downside. This, combined with weak demand for spot ETFs on the CME, points to waning institutional interest in carry trades.