Crypto Secondary Markets See Deepening Discounts as Liquidity Shifts
Secondary markets for crypto assets are flashing warning signs as discount rates climb to 45-50% in early 2024, up from 38% in late 2023. OFFX data reveals buyers now demand steeper discounts—a median 50%—before acquiring tokens, though this eased to 40% by 2026.
The widening spreads between bid-ask prices reflect growing uncertainty. Analysts point to shifting liquidity conditions and volatile risk appetite as institutional players recalibrate exposure. Tokens now routinely trade below theoretical value, suggesting skepticism about near-term appreciation.
‘When discounts exceed 40%, it’s either a buying opportunity or a trap,’ remarked one trader. The trend mirrors 2018’s bear market dynamics, where distressed sales dominated until fresh capital entered.
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