GSR: median token falls below listing price within 3 days
- —GSR's sample covers over 2,300 listings on major exchanges since 2013, including delisted tokens
- —The median free float at listing fell from 38% in 2017 to 13% in 2020
- —FDV above $1 billion — median return of -81% after one year; below $10 million — 97% in circulation
- —Tokens with less than 20% float lose about 75% over a year; those with 30–50% lose about 45%
Why it matters: The data confirms weak performance of new listings and the risk of low free float at high valuations for retail investors.
Source: ChainCatcher 链捕手