May 2025 Centralized Exchange Listing Insights

Every month, Open World's analytics team scans and compiles key data points from launches across major exchanges and listings, and provides an in-depth analysis report. We are excited to share Open World’s May 2025 token capital markets update which major centralized exchange volume and listings.

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We hope that these insights shed some light into the rather opaque listings process and give our clients and partners a unique view on token issuances.

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Listing Updates: Month Over Month Overview

May recorded 153 total listings, a ~6% decrease compared to April. Primary listings made up 58.82% of all listings in May.

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Listing Updates: Rolling Weekly Overview

Listings hold steady at ~40 listings per week.

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Exchange Volume Snapshot: Month Over Month Analysis

Trade volumes on major CEXs increased ~16% overall. Only Coinbase and Upbit saw negative growth in May 2025.

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LTM Exchange Volume Snapshot: Overview

Global crypto prices continue to drive the pace at which volume accelerates at. Despite a positive trend in BTCs price action for May, trade volume posts lower figures on the monthly view.

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Listing Updates: Overview 

As of month end May 2025, there have been 153 listings across the major exchanges we are tracking. This represents a ~6% decrease relative to April which posted 162 listings. Of the majors, Bitvavo and Coinbase are the most selective, only listing 3 tokens each. Meanwhile, Gate, Kucoin, and Bitget hold the lion's share of listings by number of tokens listed.

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BCOBB Snapshot (Binance, Coinbase, OKX, ByBit, Bitget) 

Of the “Big 5” exchanges, there were 46 listings in May 2025. 31 of these were primary spot listings, this equates to ~66% of listings being primary. There were 10 tokens cross listed on 2 or more of the “Big 5.” Most notably of these were SOPH, SXT, HUMA, USD1, NCPC, DOOD, and OBOL.

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BCOBB Snapshot: Binance

Binance listed 10 tokens in May 2025, 4 of which were primary spot listings.

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BCOBB Snapshot: Coinbase

Coinbase listed 3 tokens in May 2025, 1 of which was a primary spot listing.

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BCOBB Snapshot: OKX

OKX listed 5 tokens in May 2025, 3 of which were primary spot listings.

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BCOBB Snapshot: ByBit

ByBit listed 8 tokens in May 2025, 7 of which were primary spot listings.

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BCOBB Snapshot: Bitget

Bitget listed 20 tokens in May 2025, 15 of which were primary spot listings.

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BCOBB Snapshot: Valuation Figures

During May 2025, the BCOBB exchanges listed 11 tokens under $100m or less. All CEXs listed tokens within the $501m - $1b FDV range, showing significant interest in the middle market valuation sector. All CEXs minus ByBit listed a token in the $2B+ FDV range.

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BCOBB Snapshot: Top Performers

Performance varies wildly between tokens on various exchanges, however very few tokens saw positive growth in May 2025.

Note: Performance is since listing date on each particular exchange. There will be discrepancies between tokens that are cross listed on different exchanges at different times and dates.

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Listing Updates: Listing Days of the Week

With only 3 weekend listings, weekdays continue to dominate listings, with Thursday being the most popular day of the week to be listed in May 2025.

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Listing Updates: Popular Listings

The most popular verticals by listing quantity are L1 Blockchains (27), Memecoins (19), and L2 Blockchains (14). In comparison, AI (14), BTCfi (14), and L1 Blockchains (12) dominated listings in April 2025.

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Listing Updates: Average Market Cap 

The most popular verticals by average market cap at the time of listing was the stablecoin category having the highest average market cap at the time of listing, which was driven by an uplistings of USD1 on most major CEXs.

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About Open World

Open World is a bespoke launch advisor for prominent blockchain networks. We have advised on numerous cross chain mandates across DeFi, Layer 1, Layer 2, marketplaces, gaming, and infrastructure. To date, our team has helped generate >$50 billion in network value.