Getting listed on a major crypto exchange used to feel like a big moment. But new data shows that for most tokens, it’s only the beginning of a tough journey. A recent industry report reveals that only about 32% of newly listed tokens actually rise in price shortly after launch on major exchanges. That means most tokens fail to deliver gains even in their early days.

Early Gains Fade Quickly

Among the top exchanges, South Korea’s Upbit stands out, with about 67% of its newly listed tokens still in profit after 30 days. However, it lists fewer tokens compared to others. Platforms like Binance and OKX follow with around 50% of tokens in the green during the same period.

But after that, things start to change. Between 30 and 60 days, only about 25% of tokens remain profitable. Over time, that number keeps dropping across all exchanges.

By the end of one year, less than 10% of tokens are still above their listing price. Even Upbit, which starts strong, sees its tokens decline the fastest.

“Notably, listings on Upbit, which start off the best, also decline fastest, as all newly-listed tokens go underwater by the 300 – 329 day mark,” the report said.

One Exception Stands Out

There is one interesting outlier as Coinbase shows a slightly different trend. Some tokens listed there tend to recover after several months, getting what analysts describe as a “second wind” around the six-month mark.

Still, even with this rebound, long-term success remains rare.

Bigger Exchanges, Bigger Shifts

While token performance struggles, the overall market is still growing. The total value of assets held by the top crypto exchanges has jumped from about $152 billion in 2024 to $225 billion in 2026, a nearly 70% increase.

Binance leads this growth, doubling its reserves over two years. At the same time, Coinbase holds the largest Bitcoin reserves, with over 800,000 BTC, followed by Binance.

But there’s a shift happening behind the scenes. Coinbase has seen large outflows of Bitcoin and Ethereum, while smaller exchanges like Bitget and MEXC are seeing sharp increases in their reserves.

Retail Traders Are Driving Activity

Large, regulated platforms like Coinbase and Binance tend to have lower trading activity compared to their reserves. This is because many institutional users store assets there rather than trade frequently.

In contrast, smaller exchanges record significantly higher trading activity relative to their reserves. Platforms such as MEXC, HTX, and KuCoin show asset velocity ranging from 1.44 to 2.04, indicating users are trading volumes that far exceed the exchanges’ reserves.

Related:U.S. Community Banks Oppose Coinbase Trust Charter Approval

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