The cryptocurrency exchange landscape continues to evolve, with major platforms adopting distinct strategies for listing new tokens. A recent report by Animoca Digital Research offers a data-driven analysis of the listing performance of five leading exchanges—Binance, OKX, Bitget, KuCoin, and Bybit—across the first three quarters of 2025. This comprehensive review explores key metrics including listing volume, market performance, trading activity, and investor returns, revealing significant differences in strategic approaches and outcomes.
Divergent Listing Strategies Among Top Exchanges
Exchanges have taken notably different approaches to token listings in 2025.
Binance and OKX have maintained a selective, quality-over-quantity strategy, listing only 44 and 47 new tokens respectively so far this year. This conservative approach reflects a focus on vetting projects with strong fundamentals and long-term potential.
In contrast, Bitget has pursued an aggressive expansion strategy, launching 339 new tokens—far surpassing its peers. This high-volume model has contributed to a significant increase in Bitget’s market share during 2025.
KuCoin and Bybit fall between these two extremes, each listing over 150 tokens this year. Their mid-tier volume suggests a balanced approach aimed at capturing emerging opportunities without sacrificing all selectivity.
👉 Discover how top exchanges are shaping the future of token listings.
Average ROI: Selective Curation Pays Off
Despite favorable early-year market conditions, most exchanges recorded negative average returns on listed tokens.
- Bybit: -50.20% average ROI
- KuCoin: -48.30%
- Bitget: -46.50%
These figures highlight the risks associated with high-volume listing models, especially in a volatile altcoin market.
On the other hand, Binance (-27.00%) and OKX (-27.30%) demonstrated relatively stronger performance. Their lower losses suggest that a more curated listing process can help mitigate downside risk and protect investor capital—even in bearish conditions.
This divergence underscores a growing trend: in mature markets, strategic selectivity may be more valuable than sheer listing volume.
Seasonal Trends in Token Launch Activity
Token listing activity followed a clear seasonal pattern in 2025.
March and April emerged as peak months for new listings, driven by increased market optimism and rising Bitcoin prices. April alone saw 133 new listings across the five exchanges—the highest monthly total of the year.
Conversely, August marked the lowest point with just 44 new listings, reflecting reduced market enthusiasm and tighter project scrutiny.
After April, most exchanges gradually reduced their listing pace. However, activity began to recover slightly in August and September, indicating renewed confidence as macro conditions stabilized.
First-Month Trading Volume Leaders
Trading volume in the first month post-listing is a critical indicator of initial market interest.
The top-performing tokens by first-month volume include:
- ENA: Over $15 billion in trading volume
- BOME, NEIRO, and WIF: High-volume meme coins showing strong retail engagement
- ZRO, TON, and IO: Generated $1–5 billion in first-month volume
These results suggest that both utility-driven projects (like ENA and TON) and community-powered meme coins can achieve significant liquidity when backed by strong narratives and exchange support.
Binance dominated early trading activity, recording the highest average volume in both the first 24 hours and first month. OKX followed closely behind, reinforcing its position as a key launchpad for high-potential assets.
MC/FDV Ratio Analysis: Unlocking Valuation Insights
The Market Cap to Fully Diluted Valuation (MC/FDV) ratio is a vital metric for assessing token supply dynamics and investor sentiment.
Binance
- Highest concentration in the 0.4–0.6 MC/FDV range, driven by TON, BANANA, and XAI
- Significant contributions from low-floating-supply tokens (0–0.4 range), including TAO, JUP, ENA, and ZRO
OKX
- Strong clustering in both 0–0.2 and 0.6–0.8 ranges
- High-FDV launches include JUP, ONDO, ZRO, STRK, and ZK
The remaining three exchanges (Bitget, KuCoin, Bybit) showed lower average FDVs, suggesting either less access to premium projects or a deliberate strategy to prioritize accessibility over valuation.
A broader trend emerged: most listed tokens fall into extreme MC/FDV categories (very high or very low), yet the highest valuations are achieved by those in the mid-range (0.4–0.6). This indicates that investors favor projects with balanced supply distribution—enough circulating supply to ensure liquidity, but sufficient locked tokens to signal long-term commitment.
👉 See how MC/FDV ratios influence token success after listing.
First 24 Hours vs. First Month Trading Activity
Initial trading momentum varies significantly by platform.
Typically, the first 24 hours account for 5–20% of a token’s first-month trading volume. However:
- OKX recorded an outlier in September, where CATI and HMSTR drove 40% of monthly volume within the first day
- KuCoin showed stronger early engagement in earlier months
This highlights the impact of individual token performance on platform-level metrics—and the outsized role of viral meme coins in driving short-term spikes.
Time to All-Time High (ATH) and Return on Investment
The speed at which a token reaches its ATH provides insight into market momentum.
- Bybit and Bitget led in average ATH ROI from April to July, suggesting strong post-launch speculation
- Binance was fastest to ATH from January to March—coinciding with high Bitcoin volatility
Notably, when BTC prices surged, the time to ATH shortened across all exchanges. This correlation suggests that broader market sentiment heavily influences new token performance.
Frequently Asked Questions (FAQ)
Q: Which exchange had the best ROI on listed tokens in 2025?
A: Binance and OKX had the strongest performance with average ROIs of -27.00% and -27.30%, respectively—significantly better than competitors.
Q: Why did listing activity peak in April?
A: Rising Bitcoin prices and increased investor optimism in Q1 created favorable conditions for new launches, leading to a surge in April.
Q: What does MC/FDV tell us about a token’s potential?
A: A balanced MC/FDV ratio (e.g., 0.4–0.6) often indicates healthy supply distribution, which can attract more sustainable investor interest.
Q: How important is first-day trading volume?
A: While important for visibility, it typically represents only 5–20% of first-month volume—unless driven by viral tokens like meme coins.
Q: Are high-volume listing strategies effective?
A: Not necessarily. Exchanges like Bitget listed hundreds of tokens but saw lower average returns, suggesting quantity doesn’t guarantee quality or performance.
Q: What role do meme coins play in exchange performance?
A: Meme coins like WIF and BOME generate massive short-term volume and attention, but their long-term impact on platform reputation remains debated.
👉 Compare exchange listing strategies and find out which one delivers real value.
Conclusion
The 2025 token listing landscape reveals a clear divide between quantity-driven and quality-focused models. While platforms like Bitget have expanded rapidly through volume, Binance and OKX have demonstrated that disciplined curation leads to better investor outcomes and more resilient performance during downturns.
As markets mature, exchanges that prioritize strategic partnerships, robust due diligence, and sustainable project growth are likely to maintain long-term leadership—proving that in crypto, sometimes less is more.