The cryptocurrency exchange landscape continues to evolve rapidly, with major platforms adopting distinct strategies for listing new tokens. A recent in-depth report by Animoca Digital Research analyzes the listing performance of five leading exchanges—Binance, OKX, Bitget, KuCoin, and Bybit—throughout the first three quarters of 2025. This analysis dives into key metrics including listing volume, average returns, trading activity, and market valuation trends to uncover which platforms are delivering stronger value for investors amid a challenging altcoin market.
Divergent Listing Strategies Across Major Exchanges
One of the most striking findings from the report is the wide divergence in token listing approaches among top-tier exchanges.
Binance and OKX have maintained a notably selective approach in 2025, prioritizing quality over quantity. Year-to-date, Binance has listed just 44 new tokens, while OKX follows closely with 47 listings. This conservative strategy reflects a focus on vetting high-potential projects with strong fundamentals, aiming to protect user trust and maintain platform credibility.
In sharp contrast, Bitget has pursued an aggressive expansion model, launching 339 new tokens so far this year—more than seven times the number listed by Binance. This hyperactive strategy has helped Bitget significantly increase its market share and visibility, particularly among retail traders seeking early access to emerging projects.
Meanwhile, KuCoin and Bybit have taken a middle path, each listing over 150 tokens in the same period. Their balanced approach allows them to capture opportunities across various market segments while maintaining moderate oversight.
👉 Discover how top exchanges select high-performing tokens
Average Returns: Selectivity Pays Off in Volatile Markets
Despite favorable market conditions early in the year, average returns across most exchanges have been negative—a reflection of the broader altcoin downturn.
- Bybit: -50.20% average return
- KuCoin: -48.30%
- Bitget: -46.50%
These figures suggest that higher listing volumes did not translate into better investor outcomes. On the contrary, exchanges with more curated approaches outperformed their peers.
Binance and OKX recorded significantly less severe losses, with average returns of -27.00% and -27.30%, respectively. This resilience highlights the effectiveness of their selective listing models during periods of market uncertainty. By focusing on projects with stronger fundamentals and broader ecosystem support, these platforms have managed to mitigate downside risk for users.
Seasonal Trends in Token Listings
The timing of token launches also reveals important seasonal patterns.
March and April emerged as peak months for new listings, driven by increased market optimism and rising Bitcoin prices. April alone saw a record 133 new tokens launched across the five exchanges. In contrast, August marked the lowest point with only 44 listings, indicating a slowdown in launch activity during mid-year.
Since April, there has been a steady decline in monthly listing volume across most platforms—a trend likely influenced by cooling investor sentiment and regulatory scrutiny intensifying in key markets.
First-Month Trading Volume: Spotlight on High-Activity Tokens
Trading volume in the first month post-listing serves as a strong indicator of initial market interest.
Among all newly listed tokens in 2025, ENA stood out with over $15 billion in first-month trading volume. Several meme coins also generated significant buzz:
- BOME
- NEIRO
- WIF
These tokens attracted substantial speculative trading, contributing to elevated volume metrics.
Other high-performing launches included ZRO, TON, and IO, each recording between $1 billion and $5 billion in initial trading activity.
MC/FDV Ratio Analysis: Understanding Market Valuation Dynamics
The Market Cap to Fully Diluted Valuation (MC/FDV) ratio is a critical metric for evaluating how much of a token’s total supply is currently circulating and how that affects investor perception.
For Binance, the largest share of FDV comes from tokens within the 0.4–0.6 MC/FDV range, including notable listings like TON, BANANA, and XAI. Additionally, low-floating tokens such as TAO, JUP, ENA, and ZRO (with MC/FDV between 0–0.4) have made significant contributions to overall valuation.
OKX shows higher concentration in both extremes: the 0–0.2 and 0.6–0.8 ranges. Key high-FDV listings on OKX include JUP, ONDO, ZRO, STRK, and ZK, indicating a diversified yet strategic selection process.
The remaining three exchanges—Bitget, KuCoin, and Bybit—have generally listed tokens with lower FDVs. This may reflect either a different risk appetite or the fact that Binance and OKX secured early access to several high-profile projects.
👉 Learn how MC/FDV ratios influence token performance
First 24 Hours vs. First Month Trading Activity
Initial trading momentum often sets the tone for a token’s post-listing journey.
Across the board, the first 24 hours typically account for 5–20% of a token’s total first-month trading volume. However, exceptions exist:
- In September, OKX recorded an outlier with 40% of monthly volume concentrated in the first day, driven by explosive interest in CATI and HMSTR.
- KuCoin demonstrated stronger early engagement in earlier months, suggesting effective marketing and community mobilization around new launches.
When it comes to average trading volume, Binance leads both in first-day and first-month metrics, followed by OKX. For Binance, April marked the peak for average daily volume, while May saw the highest monthly volume. Both indicators hit their lowest in July before partially recovering in August and September—a pattern mirrored on OKX.
Time to All-Time High (ATH) and Return on Investment (ROI)
Speed to ATH and peak ROI provide insights into post-listing price momentum.
- From April to July, Bybit and Bitget achieved the highest average ATH ROIs, suggesting strong short-term speculative gains on these platforms during that period.
- In the first quarter (January–March), Binance was the fastest to reach ATH among all five exchanges—coinciding with heightened Bitcoin volatility and increased investor appetite for new opportunities.
FAQ: Frequently Asked Questions
Q: Why do Binance and OKX have lower listing volumes?
A: Their lower listing numbers reflect a more selective strategy focused on project quality, team credibility, and long-term viability—helping users avoid low-quality or speculative assets.
Q: Does higher listing volume mean better returns?
A: No—data shows that exchanges with higher listing counts (like Bitget and Bybit) had worse average returns. Selectivity appears to correlate more strongly with positive investor outcomes.
Q: What does MC/FDV tell us about a token?
A: A low MC/FDV suggests a large portion of tokens are locked or unvested, which can lead to future selling pressure. Mid-range ratios often indicate healthy circulation with growth potential.
Q: Which exchange had the strongest early trading momentum?
A: Binance leads in both first-day and first-month average trading volumes, indicating strong market maker support and user engagement.
Q: Why did listing activity drop after April?
A: A combination of market cooling, regulatory developments, and reduced speculative enthusiasm contributed to fewer new launches in Q2 and Q3.
Q: Are meme coins influencing exchange performance?
A: Yes—tokens like WIF, BOME, and NEIRO generated outsized trading volume on several platforms, temporarily boosting exchange metrics despite high volatility.
👉 See how leading exchanges identify promising early-stage projects
Final Insights: Quality Over Quantity Wins in 2025
As the crypto market matures, the data clearly favors exchanges that prioritize curation over sheer volume. While aggressive listing strategies may boost short-term visibility, they often come at the cost of user trust and long-term performance.
Binance and OKX’s disciplined approach has proven more resilient in downturns, delivering comparatively better returns and attracting higher-value projects. Meanwhile, seasonal trends emphasize the importance of timing—launching during bullish phases increases the likelihood of rapid price appreciation.
For investors navigating an increasingly complex landscape, understanding these platform-level dynamics can be crucial for making informed decisions.
Keywords: crypto exchange listing performance, Binance token listings 2025, OKX new tokens, MC/FDV ratio analysis, altcoin market trends 2025, cryptocurrency trading volume