Wu Shuo learned that Josie, the founding partner of IOSG, stated in a post that through statistical analysis of 207 listing records and 92 independent token data of spot and Binance perpetual contracts on six major first tier exchanges from 2026 to present, it was found that current listing is no longer a general dividend, and no exchange has a positive average return in 30 days. New listings have become an exit window for project parties, institutions, and early players. But the data also reveals a highly structured alpha transmission chain: Coinbase and ByBit are responsible for early price discovery, Binance perpetual verifies liquidity within a few days, Binance spot confirms after a pullback, and the Korean exchange systematically picks up at high end positions. The data shows that due to differences in the exchange and entry time, the difference in return rate after 14 days can reach 4.5%; The users of the first round have the lowest entry price and the highest rebound space, while the users of the Korean round face high-level buying and deep pullback. https://www. (wublock123.com)/news/news-62214