Delphi Digital: Most New CEX Listings Since January 2025 Have Fallen Below Listing Prices

Delphi Digital said tokens newly listed on major centralized exchanges since January 2025 have broadly underperformed, with most trading below their listing prices. According to ChainCatcher, the firm’s latest report estimates that buying each newly listed token with $1,000 would have declined to about $500, while the median token is down 82% and only 12% trade above their listing price. Delphi Digital attributed the cycle’s drag to several structural factors, including insider allocations unlocking on fixed schedules rather than performance-based mechanisms. It said each average unlock has led to an estimated 7% loss in excess returns relative to Bitcoin. The report also said protocol revenue has been difficult to route to tokenholders, and that airdrops have increasingly served as exit liquidity. The report noted that some major DeFi protocols have begun enabling “fee switches,” citing Hyperliquid, Uniswap, Jupiter, and Aave. It said these mechanisms, including buybacks and token burns, are being used to return revenue to holders, and that a revenue-weighted basket of such tokens has significantly outperformed BTC, ETH, and SOL this year. Delphi Digital said tokens that combine revenue distribution to holders with supply mechanisms tied to performance may offer a stronger long-term allocation case.