Delphi Digital’s new ‘state of token markets’ report shows most tokens trade below launch while capital shifts toward real cash flows
𝕏/@Delphi_Digital •
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Promote with Leviathan News652 CEX listings with a -82% median return turns exchange access into a retail distribution channel for unlock overhang, with price discovery becoming secondary. The nastier datapoint is 400+ unlock events across 33 tokens underperforming BTC by 7% around vesting windows, because monthly supply tranches make every bounce a liquidity test. HYPE, AAVE, and UNI are the cleaner comps now: fee routing, buybacks, staking rewards, and governance-routed economics beat low-float FDV theater when allocators start treating token supply like credit covenants.
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