Token listings slow to multi-year lows as liquidity continues to flow out of exchanges

The number of new exchange listings declined for another month in June, moving down from their peak in September 2025. More projects are delaying token launches, while exchange liquidity continues to decline. 

New token listings on CEXs became another signal of slowing crypto sentiment. In June, new listings sank to the lowest level in two years, as appetite for new assets diminished. 

Monthly listing activity is now down by over 77% since the last quarter of 2025, as the decline in listings continued for the past nine months. 

In the past months, token trading slowed down as the altcoin market also slowed down to multi-year lows. The recent token listings data is also seen as another indicator of a potential market bottom, as token-based projects usually wait for bull markets and higher risk appetite.

Why are token-based projects delaying listings?

The token listing market declined for the third consecutive quarter. According to Cryptoquant, only 351 new projects were listed in Q2, down from 537 projects in Q1, a 35% drop. Token-based projects closed their worst quarter in two years. 

New token listings on CEXs declined for several reasons. Some new assets only traded on DEXs or perpetual futures markets. 

Overall interest in tokens was also displaced by tokenized securities and the occasional airdrop or meme launch. 

Token trading also slowed down as market participants remained more skeptical of unlocks and controlled supply. A larger number of listings was also not seen as a source of guaranteed returns.

New token listings for high-profile projects often chose Binance, but the bulk of new tokens were listed on Mexc. The exchange still holds its position as the leader in new listings, but the overall trend shows an outflow of new projects and liquidity.

Most exchanges also saw significant outflows of liquidity in June. Binance lost nearly $2.5B in liquidity, with a significant withdrawal trend for stablecoins. Close to $1B flowed out of OKX and Bybit. The only exchange with positive inflows was Robinhood, which recently started drawing volumes to its newly launched chain.

New tokens in Q2 faced bear market headwinds

For the tokens that chose Q2 to launch, return on investment was limited. New assets battled for shrinking liquidity and a shift to perpetual futures markets or real-world assets. 

The success of token listings depended on the exchange rules, where more selective markets had more positive price moves and higher general returns. Cryptorank data shows some high-profile listings achieve short-term success, though overall, the majority of new listings were in the red. 

Upbit achieved the biggest returns for new projects, with three profitable and five unprofitable listings in Q2. OKX and Binance followed with similar return rates. MEXC listed 153 tokens, but most of the new additions underperformed.

The last few months showed that new tokens could not rely on hype for drawing in liquidity. In 2026, projects are vetted for their ownership structure, as well as for signs of real activity and fee generation. Token-based projects also no longer rely on constant asset appreciation, but try to attract users with fee sharing and token burns.

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