The pace of listing new tokens on exchanges often reflects the true temperature of the market.

Carefully examining the spot operations of leading exchanges, there have been virtually no new tokens listed in the past month. This is no coincidence—when the market enters a freezing period, project teams are also very savvy. They will proactively communicate with exchanges and choose to delay listing plans. The reason is straightforward: if there's no trading, it’s meaningless to list.

Each top exchange has established a comprehensive user activity and trading volume data model. Based on feedback from these models, active users and trading volume are both declining across the board—this is a true reflection of the market cooling down.

Conversely, once these underlying data start to rebound, signals of market warming will truly appear. By then, you will see leading exchanges start to list tokens more frequently, and project teams will also become eager to move. Such changes are often more insightful than candlestick charts.