Data from Kaiko reveals that exchange de-listings are at record highs, despite bitcoin (BTC) and the wider crypto markets climbing higher this week on renewed spot bitcoin ETF optimism.
The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Let's take a look at the chart of the day. Bitcoin briefly topped $35,000 this week to levels not seen in 17 months. However, this comes as more tokens are being pulled from exchanges this year. KO data shows that in 2023 more than 3400 tokens or traded pairs have been delisted or inactive for so long that they'll probably be dropped. That's already double the amount of 2021 and 15% higher than all of 2022. In June, the sec labeled 19 tokens as un registered securities and its lawsuits against Coinbase and finance triggering more delistings. An analyst that Ko spoke to Bloomberg and said, quote, this is the result of an explosion in the number of tokens as well as an aggressive listing of these tokens during the last bull market end quote. He added that many of these tokens have faded away and exchanges will delist pairs that don't generate enough in fees. That's it for today's chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.