Public Token Sales Hit 5-Year Lows — Is Retail Capital Permanently Leaving the Altcoin Primary Market?

What happened

Public crypto token sales have collapsed to $58 million in Q2 2026, marking an 85% quarter-on-quarter drop and a five-year low.

What we think

The most likely outcome is a multi-quarter stagnation of the public token sale market (55% probability), as retail investors remain sidelined due to poor historical returns on 2025 launches.

Read the analysis

Public Token Sales Hit 5-Year Lows — Is Retail Capital Permanently Leaving the Altcoin Primary Market?

We explain what happened and what could follow. We do not forecast prices.