Why major exchange listings may soon be considered bearish

Listings on Binance and Coinbase were once widely considered good for coin prices

article-image

Koshiro K/Shutterstock modified by Blockworks

share


This is a segment from the Empire newsletter. To read full editions, subscribe.


The days of bullish exchange listings may be over.

I spent the morning reviewing price data for every coin listed on Binance and Coinbase since the start of last year. The results are rough.

In total, there were 84 new listings across both exchanges — 45 on Binance and 40 on Coinbase.

As of this morning, only 12 of those listings have increased in value from their initial trade price on either platform.

On the chart below, each circle represents a different coin listing, starting on the far left in January 2024 and ending on the right with the most recent new addition on Coinbase, VVV.

As you can see, VVV’s 40% collapse on its list price — despite its rally in its first few hours of trade — is not an outlier. 

Not shown: MOVE’s listing on Binance

Since December, more than a dozen listings have suffered the same fate. MOODENG, MOG, MOVE, ACX, ORCA, GIGA, ME, TURBO, VELO, USUAL, AIXBT, CGPT, COOKIE, PNUT and TRUMP have all lose value since hitting either Coinbase or Binance — in many cases by more than two–thirds.

Of course, there have been winners. AERO, the native token for Base liquidity hub Aerodrome, is up 640% since it was listed on Coinbase in February last year. 

DRIFT, the token for the Solana perps DEX, and ONDO, for the real-world asset platform, have also posted similarly great returns.

Granted, we already know that most cryptocurrencies probably won’t make it. So perhaps it’s all par for the course. 

Coins, especially smaller-cap ones, are painfully tied to whatever happens to the price of bitcoin. Still, it’s obvious that it’s only a matter of time until the market realizes the paradigm has shifted. 

Historically, common sense has suggested that an exchange listing is a milestone for a coin — opening their markets up to wider investor bases and deeper liquidity. 

It wouldn’t surprise me if we start to see the general public urging projects not to list their coins on major exchanges moving forward.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (4).png

Research

Wormhole Settlement allows for a highly scalable liquidity venue to fill user intents into a multichain, multi-VM future. By concentrating solvers’ balance sheets on Solana, transaction costs associated with solvers rebalancing inventory across destinations are eliminated. With the ability to settle bridging, swapping, and arbitrary interactions, without the costs and frictions of fragmenting solver liquidity, Wormhole Settlement has the opportunity to settle a large share of volumes in the crosschain interoperability market with a beneficial framework for both users and solvers. 

article-image

On Supply Shock, Asymmetric founder Dan Held discussed why Bitcoin DeFi will take market share from Solana, Ethereum and other top blockchains

article-image

Pillsbury partner Brian Montgomery said that banks are mulling how to gain exposure to crypto

article-image

The company has now acquired three Solana validator operators since its September pivot into Solana

article-image

Those hoping for an executive order, a bill draft, or a major announcement from the CFTC or SEC were disappointed

article-image

Uncertainty around the US economy’s outlook is spurring a risk-off wave

article-image

The team says they’re still building despite the massive weekend selloff