The public token sale market has hit a four-year low, with Q2 2026 seeing just $40 million raised across 47 sales. This is a significant decline from the recent high-water mark of nearly $849 million raised in Q1 2025.
The current quarter's haul represents a roughly 95% drop from that peak in just over a year, according to CryptoRank data. The numbers show a brutal story, with Q2 2026 seeing an 85% drop in capital raised and a 65% decline in the number of sales compared to the prior quarter.
The platforms that powered the 2025 revival, such as Echo and Legion, remain operational, but the demand is missing. Investors watching for a turning point should track monthly sale counts as a leading indicator, with a sustained move back above 30 sales per month suggesting renewed confidence.