The cryptocurrency exchange landscape remains fiercely competitive, with platforms constantly vying for market share through strategic token listings. A recent report by Animoca Digital Research offers a comprehensive data-driven analysis of the listing activities and performance metrics of five major exchanges: Binance, OKX, Bitget, KuCoin, and Bybit. This deep dive reveals key insights into how each platform's approach to new token listings has influenced trading volume, investor returns, and overall market positioning in the first three quarters of 2025.
Overview of Exchange Listing Strategies
In 2025, leading crypto exchanges adopted markedly different approaches to token listings. Binance and OKX maintained a selective, quality-over-quantity strategy, launching only 44 and 47 new tokens respectively year-to-date. This cautious curation reflects a focus on vetting high-potential projects amid volatile market conditions.
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In contrast, Bitget pursued an aggressive expansion model, listing an impressive 339 tokens—more than seven times the number introduced by Binance. This surge in listings correlates with a significant increase in Bitget’s market presence and user acquisition throughout 2025.
KuCoin and Bybit took a middle ground, each introducing over 150 new tokens this year. While more active than Binance and OKX, their pace remains far below Bitget’s rapid-fire listing schedule.
Average Token Returns Across Exchanges
Despite varying listing volumes, most platforms recorded negative average returns for newly listed tokens. Bybit saw the steepest decline at -50.20%, followed closely by KuCoin (-48.30%) and Bitget (-46.50%).
Binance and OKX outperformed their peers with average losses of -27.00% and -27.30% respectively. This superior performance underscores the effectiveness of their selective listing models, particularly in preserving capital during a challenging altcoin market.
Monthly Token Listing Trends
Favorable market conditions in early 2025 fueled a wave of new listings, peaking in March and April. April marked the highest monthly total with 133 new tokens launched across all five exchanges. Notably, Bitget, Bybit, and KuCoin drove much of this surge.
Conversely, August recorded the lowest activity with just 44 new listings. Since April, most exchanges have scaled back their launch frequency, indicating a shift toward sustainability or market recalibration after the initial boom.
First-Month Trading Volume Leaders
Among newly listed tokens, ENA dominated with over $15 billion in first-month trading volume. Meme coins also attracted strong interest: BOME, NEIRO, and WIF saw significant early trading activity.
Other high-performing launches included ZRO, TON, and IO, each generating between $1 billion and $5 billion in initial monthly volume. These figures highlight sustained demand for both utility-driven and community-powered digital assets.
MC/FDV Ratio Analysis and Token Valuation
The Market Cap to Fully Diluted Valuation (MC/FDV) ratio is a critical metric for assessing token supply dynamics and investor sentiment. Projects with lower circulating supply relative to total supply often experience upward valuation pressure post-listing.
Binance's listings are concentrated in the 0.4–0.6 MC/FDV range, driven by major launches like TON, BANANA, and XAI. Additionally, low-ratio tokens such as TAO, JUP, ENA, and ZRO contributed significantly to overall FDV.
OKX shows higher concentration in both the 0–0.2 and 0.6–0.8 ranges, with notable high-FDV additions including JUP, ONDO, ZRO, STRK, and ZK.
The remaining three exchanges—Bitget, KuCoin, and Bybit—exhibit lower average FDVs per listing, suggesting a broader but less capitalized selection strategy. This divergence may reflect Binance and OKX’s advantage in securing premier projects during competitive listing races.
Distribution of Tokens by MC/FDV Range
An intriguing trend emerges when analyzing token distribution across MC/FDV bands: most new listings cluster at either extreme—very low or very high ratios. However, tokens in the middle range (0.4–0.6) tend to achieve the highest valuations.
This suggests that projects striking a balance between available liquidity and future growth potential attract stronger investor confidence. Such tokens appear established enough to inspire trust while retaining substantial upside appeal.
Trading Volume Trends by Exchange and Month
First 24 Hours vs. First Month Volume
Post-launch trading activity varies significantly across platforms. Typically, the first 24 hours account for 5–20% of a token’s first-month volume. OKX stood out in September, where CATI and HMSTR generated 40% of monthly volume within the debut day—an anomaly driven by speculative momentum.
KuCoin demonstrated stronger early engagement in earlier months, suggesting effective community activation strategies during initial listing phases.
Volume Leadership: Binance and OKX Dominate
Among the five exchanges, Binance leads in both average first-day and first-month trading volumes. April marked peak daily volume for Binance, while May saw the highest monthly volume. Both metrics hit lows in July before rebounding partially in August and September.
OKX followed a similar trajectory, reinforcing the correlation between broader market cycles and exchange-level trading performance.
Price Performance: From Launch to All-Time High (ATH)
Time to Reach ATH
On average, newly listed tokens take varying days to hit their ATH depending on the exchange and listing month. Bybit and Bitget recorded the highest average ATH ROI (return on investment) from April to July, indicating strong post-launch momentum for selected projects.
Binance excelled in speed during Q1 (January–March), with tokens reaching ATH faster than peers—coinciding with heightened Bitcoin price volatility. This suggests that macro market sentiment plays a crucial role in early price discovery.
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ATH ROI by Exchange
The average percentage gain from listing price to ATH varied widely:
- Bybit & Bitget: Highest ATH ROI in mid-year months.
- Binance: Fastest time-to-peak in Q1.
- Market Correlation: Shorter time to ATH occurred during periods of rapid BTC price increases (January–March), likely due to elevated investor appetite for new opportunities.
This pattern indicates that bullish macro trends accelerate price discovery and amplify short-term gains for newly listed assets.
Frequently Asked Questions (FAQ)
Q: Why do Binance and OKX have fewer listings but better returns?
A: Their selective listing process prioritizes project quality, team credibility, and long-term viability over quantity. This reduces exposure to underperforming or risky tokens.
Q: What does MC/FDV ratio tell investors about a new token?
A: A low MC/FDV suggests limited circulating supply relative to total supply. If demand rises, prices can increase sharply—making these tokens potentially high-reward (but also high-risk).
Q: How does trading volume in the first 24 hours impact long-term success?
A: Strong initial volume signals market interest and liquidity, which can attract further investment. However, sustained volume matters more for lasting value creation.
Q: Why did listing activity decline after April?
A: The drop may reflect market cooling post-Bitcoin halving cycle, increased regulatory scrutiny, or exchanges shifting focus from rapid expansion to user retention.
Q: Which exchange offers the best environment for new investors?
A: Binance and OKX provide structured launchpads and better transparency, making them more suitable for risk-averse participants seeking vetted projects.
Q: Are meme coins becoming more influential in exchange listing strategies?
A: Yes—tokens like WIF and BOME show exchanges are responding to retail demand by including high-volatility meme assets alongside fundamental projects.
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