Billions in VC capital fueled some of the largest token debuts of 2025 — but they weren’t the only ones commanding attention. Community-backed launches showed that distribution power and narrative strength can rival even the deepest venture pockets.

High volume, meaningful open interest, and strong traction — but no token (yet). The setup feels familiar to anyone who has followed previous airdrop cycles, where sustained usage often preceded token launches.

Selective corporate accumulation continues, with Strategy adding 1,142 BTC ($90.0M), bringing their total holdings to 714,644 BTC ($54.3B). Over the past week, BTC and ETH spot ETFs saw approximately $920M and $167M in net outflows, respectively.

Rainbow is an open-source, non-custodial Ethereum wallet. Ahead of TGE, it’s running a Continuous Auction on Uniswap until Feb 5. Total supply is 1B $RNBW, with 15% (150M) allocated to a community airdrop.

Spot Bitcoin ETFs recorded net outflows of $1.49 billion during the week of January 26–30, which represents the second-largest weekly outflow on record and reversed a significant portion of the inflows observed earlier in January. During the same period, MicroStrategy increased its holdings by acquiring 855 BTC for approximately $75.3 million.

2025 marked a breakthrough year for crypto in public markets, led by blockbuster IPOs from Circle, Figure, Gemini & Bullish. Alongside equities, public token sales stayed resilient, offering broader access with smaller median deal sizes compared to VC rounds.

A snapshot of ongoing public token sales, tracking active rounds across Layer 1s, DeFi, wallets, and AI-native projects. The data highlights valuation ranges, vesting terms, and sale timelines as projects move toward TGE.

As the Moonbirds TGE approaches on Jan 28, major token-linked NFT collections display diverging liquidity and valuation signals. Pudgy Penguins dominates 30-day volume, while BAYC holds the largest market cap, underscoring how activity and valuation may diverge.

Bitcoin and Ethereum ETFs recorded weekly net outflows over the past period, reversing the prior inflow trend. At the same time, corporate accumulation accelerated, with Strategy announcing BTC purchases of 22,305 BTC ($2.13B) and 2,932 BTC ($264M), while BitMine disclosed ETH acquisitions of 40,302 ETH ($117M).

Entropy is shutting down after four years and will return remaining capital to investors. Founder Tux Pacific said attempts to find a VC business model through multiple pivots and layoffs failed, leading to this decision and laying bare challenges in scaling crypto firms.