In the crypto ecosystem, secondary markets are platforms that allow you to buy and sell tokens before or shortly after their listing on major exchanges, often still subject to periods of vesting(blocking of tokens for a specific period). These markets are frequently marked by significant discountswhich reflect the high risks, illiquidity and uncertainty surrounding these early stage investments. According to data from OFFX and other industry players (SecondLane, Acquire.Fi), these discounts have significantly increased in recent years and can, in certain extreme cases, reach exceptional levels.
- Discounts on crypto secondary markets have exploded, sometimes reaching exceptional discounts of 90%.
- These extreme discounts reflect increased volatility and elevated risks due to illiquidity and uncertainty of early stage investments.
Discounts that explode the ceilings, up to 70 and even 90%
As reported, Jonas Thielethe founder and CEO ofOFFX cité par The Block, les average discounts on secondary markets have increased considerably in recent years. While they were approximately 38% fin 2023they climbed to oscillate between 45% and 50% in 2024 and 2025. Although the median discount has remained near 50% for much of this period, it has declined slightly to around 40% début 2026.
What is particularly striking is the appearance of extreme discounts. Reductions of 70% or more have become more frequent, and for the first time at the end of 2025, discounts exceeding 90% were observed. This means that some tokens are being sold at a fraction of their theoretical value, reflecting increased volatility and uncertainty in these markets.
The reasons behind these crypto discounts on secondary markets
Several factors explain these massive discounts. First of all, secondary markets are inherently risky. Investors buy tokens before their official launchor with more or less long periods of vestingand they are often based on promises and projections rather than on solid fundamentals. This high risk justifies lower prices.
Then, the liquidity is often limited in these markets. The fewer buyers and sellers there are, the harder it is to find a fair price, which can lead to deep discounts. Finally, the concurrence between investors to access these tokens before their launch can also push prices down afterwards.
For investors, these discounts can represent tempting opportunitiesbut also potential pitfalls. Buying tokens at a deep discount may seem like a good deal, but it also involves accepting a risque élevé. If the project fails or fails to attract enough attention after launch, these tokens could lose even more value.
Additionally, secondary markets are often moins régulés than the major crypto-exchanges, which exposes investors to additional risks, such as fraud or scams. It is therefore crucial to make DYOR (do your own research) and understand the projects in which you are investing. Because all ICO (Initial Coin Offering) do not end as well as that of Ethereum (ETH).
