Every major CEX posted negative listing ROI in Q1 2026.

Every. Single. One.
A CEX listing used to be a catalyst for demand.
Now that dynamic is dead, and it's not a coincidence.
CEX listings are structurally designed to dump:
→ Tokens launch at high valuations with a low circulating supply, so every unlock that follows adds more sell pressure
→ VCs who got in at lower valuations use the listing as their exit
→ Exchanges charge listing fees and hedge that exposure immediately (looking at you, @)
This played out enough times that retail like you and me eventually caught on and stopped playing.
On top of all that, the bear market and active geopolitical conflicts are just adding to the fire.
Unfortunately, the listing premium is not coming back.
At least not in this cycle.