Exchange token listings fall to two-year low as liquidity drains from CEXs

New token listings on centralised exchanges fell to their lowest level in two years in June, according to data cited by Cryptopolitan, as diminished risk appetite and a broader liquidity retreat from exchanges compound a nine-month slowdown that began after a September 2025 peak. Monthly listing activity is now down by more than 77% from that high, a decline that market analysts increasingly read as evidence of a structural rotation away from speculative token issuance rather than a temporary lull.

A third consecutive quarterly decline

CryptoQuant figures show just 351 new projects were listed in the second quarter, down 35% from 537 in the first, marking the weakest quarter for token launches in two years. Projects are increasingly choosing to trade solely on decentralised exchanges or perpetual futures venues rather than seeking a centralised listing, while investor attention has migrated towards tokenised securities and, intermittently, meme launches and airdrops.

The pattern is consistent with the wider slowdown across altcoin markets, where trading volumes have also fallen to multi-year lows. Analysts view the retrenchment in listing activity as a further signal that the sector may be approaching a market bottom, since token-based projects typically time launches to coincide with periods of higher risk appetite.

Billions exit major exchanges

The listings drought has coincided with substantial liquidity outflows from the largest venues. Binance shed close to $2.5bn in liquidity in June, with a marked withdrawal trend in stablecoin balances, while OKX and Bybit each recorded outflows approaching $1bn. Robinhood was the only major platform to record positive inflows, benefiting from volumes migrating to its newly launched blockchain.

MEXC has retained its position as the busiest venue for new listings by volume, adding 153 tokens in the quarter, though the majority of those tokens underperformed after launch. Upbit delivered the strongest returns among major exchanges, with three profitable listings against five unprofitable ones, while OKX and Binance posted broadly similar success rates, according to data from Cryptorank.

Institutional scrutiny replaces hype-driven launches

For token issuers that did proceed with listings in the second quarter, returns were generally poor, with new assets competing for a shrinking pool of exchange liquidity against the pull of perpetual futures markets and real-world asset products. Exchanges applying more selective listing criteria tended to produce better post-launch performance for the tokens they admitted, suggesting due diligence standards are having a measurable effect on outcomes.

Market participants are reported to be placing greater weight on ownership structure, evidence of genuine user activity and fee generation, rather than relying on speculative appreciation to sustain new tokens. Projects are increasingly turning to mechanisms such as fee-sharing and token burns to retain holders, in place of the growth-through-hype model that characterised earlier listing cycles.

The shift underscores a broader theme that has been building across digital asset markets this year, as tokenised securities and institutional-grade products increasingly compete with traditional token listings for both capital and exchange attention.

Read more: Tokenised assets overtake meme coins as exchanges chase institutional listings