The movements of crypto assets in secondary markets have shown a downward trend in recent years. According to the data published by OFFX, which has been operating since 2023, investors began to apply higher discounts on token purchases and sales compared to previous years.
An upward trend in discount rates
According to the data, the average discount rate until late 2023 was around 38 percent. However, this rate reached the 45 to 50 percent range in 2024 and 2025. During the same period, median discounts generally remained at 50 percent. By the beginning of 2026, median discount rates have fallen to approximately 40 percent.
It is evaluated that this development may be related to the change in interest in crypto assets and liquidity conditions in global markets. Changes in investors’ risk perception have paved the way for purchased tokens to be traded below their market value.
The widening spread in transactions attracts attention
OFFX’s analysis reveals that not only are discount rates rising, but the range over which transaction prices are spread is also widening. While in the past transactions were mostly carried out within a narrow price band, it has been seen that this band has widened significantly recently.
By late 2025, the frequency of discounts exceeding 70 percent has increased. Additionally, the first discount transactions of over 90 percent were recorded during this period.
Experts point out that such high discounts may lead to changes in both the financing processes of the projects and investor motivations. When the perception of the long-term success probability of the project weakens in investment circles, higher discounts may be possible in the secondary market.
OFFX platform mediates different investor groups in this special market where crypto assets change hands before or after the public offering. The company continues to provide detailed data on secondary market pricing and trends through the analysis it offers. Founded in 2023, the platform monitors current price movements and changes in investor behavior in the crypto industry.
The gradual widening of the discount band in the token markets causes the relationship between the market value and the buying and selling of projects to become looser. The increased difference between the price offered by sellers and the willingness of buyers to pay indicates that uncertainty is high.
