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Looking at the listing frequency of a leading exchange can indirectly reveal the overall market sentiment.
A recent phenomenon worth noting: the pace of spot listings on a major exchange has significantly slowed down, and the frequency of new tokens being listed has dropped sharply. This is not a random decision, but a logical one—when the market enters a freezing period, project teams clearly understand that there is no hype or buyers for new listings, so it’s better to postpone this timing.
Why are project teams so clear-headed? Because the backend data of exchanges doesn’t lie. Active user numbers are shrinking, daily trading volume is decreasing, and market participation continues to decline. These are straightforward cold signals. Both projects and exchanges can see these data, so before the market shows obvious signs of recovery, no one will rush to list new tokens.
Conversely, once these core indicators start to turn upward—trading volume rebounds, user activity increases—the pace of new listings on the exchange will accelerate accordingly. This moment is the signal you need to start paying attention to. From passive postponement to active acceleration marks the true shift in market sentiment.