The cryptocurrency exchange landscape continues to evolve rapidly, with listing strategies playing a pivotal role in shaping market dynamics. A recent report by Animoca Digital Research offers an in-depth data-driven analysis of the listing performance across five major exchanges—Binance, OKX, Bitget, KuCoin, and Bybit—during the first three quarters of 2025. The findings reveal distinct approaches to token listings and their subsequent market performance.
Core Keywords
- Cryptocurrency exchange listings
- Token listing performance
- Exchange trading volume
- MC/FDV ratio analysis
- New crypto listings 2025
- Exchange ROI metrics
- Binance vs OKX listing strategy
- Altcoin market trends
Listing Strategy Overview
In 2025, top-tier exchanges adopted divergent approaches to new token listings. Binance and OKX, two of the most influential platforms, maintained a selective and quality-focused strategy. Year-to-date, Binance listed only 44 new tokens, while OKX added 47, reflecting a cautious curation process aimed at ensuring long-term viability and investor confidence.
In contrast, Bitget pursued an aggressive expansion model, launching 339 new tokens—more than seven times the number introduced by Binance. This high-volume approach has significantly boosted Bitget’s market presence and user engagement in 2025.
Meanwhile, KuCoin and Bybit took a middle ground, each listing over 150 tokens this year. While not as conservative as Binance or OKX, they still exercised more restraint compared to Bitget’s prolific pace.
Average Returns Across Exchanges
Despite increased listing activity, average returns across all five platforms remained negative—a reflection of the broader altcoin market challenges in 2025.
- Bybit recorded the steepest decline with an average return of -50.20%
- KuCoin followed closely at -48.30%
- Bitget saw a slightly better but still negative return of -46.50%
On the brighter side, Binance (-27.00%) and OKX (-27.30%) demonstrated relative resilience. Their more selective listing policies appear to have insulated them from the worst of the market downturn, suggesting that quality over quantity can yield better investor outcomes even in volatile conditions.
This performance gap underscores a key insight: in uncertain markets, rigorous due diligence and strategic token selection matter more than sheer volume.
Monthly Token Listing Trends
Market sentiment at the start of 2025 fueled a surge in listing activity, particularly in March and April. Favorable conditions prompted exchanges like Bitget, Bybit, and KuCoin to accelerate their launch schedules.
April marked the peak of listing momentum, with 133 new tokens going live across the five platforms. Conversely, August saw the lowest activity—only 44 listings, indicating a cooling-off period likely influenced by macroeconomic factors and reduced investor appetite.
Since April, most exchanges have experienced a steady decline in monthly listings, although signs of recovery emerged in August and September as market confidence began to stabilize.
First-Month Trading Volume Leaders
Trading volume during the first month post-listing is a strong indicator of initial market interest and liquidity health.
Among the top performers:
- ENA dominated with over $15 billion in first-month trading volume
- Meme coins like BOME, NEIRO, and WIF also generated substantial trading activity
- Other notable entries such as ZRO, TON, and IO achieved first-month volumes between $1 billion and $5 billion
These figures highlight the enduring appeal of both utility-driven projects and community-powered meme assets in today’s crypto ecosystem.
MC/FDV Ratio Analysis and Token Valuation
The MC/FDV (Market Cap / Fully Diluted Valuation) ratio is a critical metric for assessing token distribution and market maturity. A lower ratio often indicates a smaller circulating supply relative to total supply, which can influence price volatility and investor sentiment.
Exchange-Specific MC/FDV Distribution
- Binance: Most listings fall within the 0.4–0.6 MC/FDV range, driven by high-profile launches like TON, BANANA, and XAI. Tokens in the 0–0.4 range—such as TAO, JUP, ENA, and ZRO—also contributed significantly to overall FDV.
- OKX: Shows higher concentration in both the 0.6–0.8 and 0–0.2 ranges. Key high-FDV listings include JUP, ONDO, ZRO, STRK, and ZK.
- Bitget, KuCoin, Bybit: These platforms feature lower average FDVs per listing, pointing to a broader but less capitalized selection strategy. This may reflect both intentional diversification and competitive pressure from Binance and OKX dominating premium launches.
Distribution Patterns Across MC/FDV Bands
An intriguing trend emerged: most newly listed tokens cluster at either extreme ends of the MC/FDV spectrum—very low or very high ratios. However, tokens in the middle range (0.4–0.6) tend to achieve the highest valuations over time.
This suggests that projects balancing available supply with growth potential attract stronger long-term investor interest.
Trading Volume Trends by Exchange and Month
First 24 Hours vs. First Month Volume
Post-listing trading activity varies significantly by platform:
- Typically, 5% to 20% of a token’s first-month volume occurs within the first 24 hours
- OKX stood out in September due to explosive activity around CATI and HMSTR, where nearly 40% of monthly volume happened on day one
- KuCoin showed consistently strong early engagement in earlier months
Volume Leadership
- Binance leads in both average first-day and first-month trading volumes
- OKX ranks second, maintaining robust liquidity across listings
- April was Binance’s peak for average first-day volume; May saw the highest monthly volume
- Both metrics hit lows in July before partial recovery in August and September
- OKX mirrored this trend, indicating broader market-wide cycles influencing trading behavior
Price Performance: From Launch to All-Time High (ATH)
Time to Reach ATH
On average, newly listed tokens take varying lengths of time to hit their ATH:
- During periods of strong BTC price movement (January–March), tokens reached ATH faster—often within days
- This acceleration correlates with heightened investor enthusiasm during bull phases
Average ATH ROI by Exchange
- Bybit and Bitget delivered the highest average ATH returns between April and July
- Binance excelled early in the year (Q1), achieving the fastest time-to-ATH among all five exchanges
- This outperformance coincided with significant Bitcoin price swings, which likely amplified speculative interest
These patterns suggest that market timing and broader macro trends—especially BTC volatility—play a crucial role in post-listing price trajectories.
Frequently Asked Questions (FAQ)
Q: Which exchange had the best token listing performance in 2025?
A: Based on average returns and trading volume stability, Binance and OKX performed best due to their selective listing strategies and ability to host high-FDV projects.
Q: Why do some tokens have low MC/FDV ratios?
A: A low MC/FDV ratio usually means only a small portion of total tokens are in circulation. This can lead to higher price volatility but also greater upside potential if demand increases.
Q: How does BTC price affect new token performance?
A: Rising BTC prices often signal bullish market sentiment, increasing investor interest in new altcoin listings. This typically shortens the time it takes for new tokens to reach their ATH.
Q: Is high listing volume always good for an exchange?
A: Not necessarily. While high volume increases visibility, it can dilute quality. Exchanges like Bitget saw lower average returns despite aggressive growth, highlighting risks of overexpansion.
Q: What makes a successful token launch?
A: Key factors include strong project fundamentals, favorable market timing, adequate liquidity provision, and strategic exchange selection—especially platforms with proven track records like Binance or OKX.
Q: Can I predict which new listings will perform well?
A: While no prediction is guaranteed, analyzing metrics like MC/FDV ratio, team credibility, community engagement, and exchange reputation can improve decision-making accuracy.
Final Thoughts
The first nine months of 2025 revealed a clear divide in exchange strategies: selectivity versus scalability. While Bitget expanded rapidly in terms of listing numbers, Binance and OKX maintained stronger investor outcomes through disciplined curation.
For traders and investors, understanding these nuances—ranging from MC/FDV dynamics to volume trends—is essential for navigating today’s complex altcoin landscape. As market cycles shift, exchanges that balance innovation with sustainability are likely to lead the next phase of crypto growth.