► @PhalaNetwork revenue exploded from 22M to 87M $PHA in just 6 months.

All that trading just to end at zero

> BTC and ETH are flat in 2025
> Up exactly 0%
> Altcoins are down at least 10x

Where is the money gone?

One of the worst year for altcoins

how top L1s performed against BTC:

$APT -80%
$ARB -80%
$SUI -60%
$SEI -66%
$S -89%
$DOT -70%
$SOL -27%
$INJ -72%
$NEAR -65%
$TON -70%
$ATOM -64%
$AVAX -61%
$BNB +33%

My crypto life story:

2017 - took profits
2018 - down 90%
2019 - invested more
2020 - recovered
2021 - took profits
2022 - took profits
2023 - took profits
2024 - took profits
2025 - took profits
2026 - ?

Cycles change.
The lesson doesn’t.

2025 is a complete meltdown for alts

Average drop across narratives: 75%

AI, Modular, Gaming wiped out by 90%

Memecoins, L2s also saw ~80% drops

Spot traders disappeared in December.

A few 100x within 2 years of launch.

Are you happy to be in crypto?

While DeFi struggles, @ResolvLabs doubled its TVL this month and price is starting to move.

$Resolv

I did a simple valuation on a few projects back in 2023.

Here’s where their market caps are now. 👇🏻 👇🏻