Q2 2025 Centralized Exchange Listing Insights

Each month, Open World's analytics team compiles key data on token launches and trading volumes across major centralized exchanges. We’re excited to share our Q2 2025 token capital markets update, highlighting trends in exchange volumes 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

In Q2 2025, 474 listings were recorded across the major exchanges we monitor, representing a 16.7% decline compared to Q1.

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Listing Updates: YTD Week Over Week Overview 

Weekly listings remained stable overall, despite notable dips in April.

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Exchange Volume Snapshot: Month Over Month Analysis

Trade volume across all CEXs fell sharply in Q2 2025, averaging a ~49.5% decline. ByBit, Coinbase, and Upbit recorded the largest drop in volume during the quarter.

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LTM Exchange Volume Snapshot: Overview

Despite a positive trend in BTC’s price action in Q2, trade volume decoupled & posted lower figures.

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Tiered Snapshot: Overview

Q1 presented an upwards trend for high quality AAA token listings, whereas Q2 posted wild variances within listing qualities.

Note: AAA tokens are listed on 2 or more BCOBB exchanges, AA tokens are listed on exactly 1 BCOBB exchange, and A tokens are all other tokens listed on no BCOBB exchanges.

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Tiered Snapshot: Volume as a % of Market Cap Overview

Volume and price demonstrate reflexive relationships over the first 90 days since TGE.

Note: AAA tokens are listed on 2 or more BCOBB exchanges, AA tokens are listed on exactly 1 BCOBB exchange, and A tokens are all other tokens listed on no BCOBB exchanges.

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

Of the “Big 5” (BCOBB) exchanges, there were 164 listings in Q2 2025, averaging a ~8.4% decrease from Q1. 121 of these were primary spot listings, this equates to ~74% of listings being primary. There were 36 tokens cross listed on 2 or more of the “Big 5.”

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BCOBB Snapshot: Top Performers

Performance varies wildly between tokens on various exchanges, however very few tokens saw positive growth in Q2 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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BCOBB Snapshot: Valuation Figures

In Q2 2025, Binance and OKX did not list any tokens with FDVs <$100M. All CEXs listed tokens within the three mid-range FDV tiers, reflecting strong interest in mid-market valuations. ByBit was the only exchange that did not list any tokens with FDVs above $2B+.

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BCOBB Snapshot: Binance

As market conditions worsened in Q2, Binance listed no tokens in the sub $100M FDV range.

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BCOBB Snapshot: Coinbase

Coinbase listed tokens across all five FDV ranges in Q2 2025, however May saw a notable decrease in listings across all ranges.

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BCOBB Snapshot: OKX

Listing activity at OKX rebounded from a March low, though the exchange did not list any tokens with FDVs below $100M in Q2 2025.

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BCOBB Snapshot: ByBit

Despite the February hack, ByBit’s listing activity rebounded in Q2, with most listings concentrated in the lower-mid market FDV ranges and none in the $2B+ tier.

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BCOBB Snapshot: Bitget

Bitget listed tokens across all 5 FDV ranges in Q2 2025.

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Listing Updates: Listing Days of the Week

With only 3 weekend listings in the quarter, weekdays continue to dominate listings in Q2 2025, with Tuesday being the most popular day of the week.

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Listing Updates: Popular Listings

In Q2 2025, the most popular verticals by listing quantity are L1 Blockchains (67), Memecoins (43), and DeFi (35). In comparison, Memecoins (95), L1 Blockchains (65), and Gaming (53) dominated listings in Q1 2025.

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Listing Updates: Average Market Cap 

L1 Blockchains on average boasted the highest valuations at the time of listing for the Q2 2025 period.

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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.