The timetable for launching new tokens on a major exchange has been repeatedly delayed, behind which lies a significant accumulation of trapped orders. Even more problematic is the frequent updates to the exchange's API interface, which has caused many professional funds to lie in wait here, patiently awaiting opportunities. The weak market sentiment is an additional blow. Under such multiple pressures, the lackluster performance on the first day of new coin listings is not surprising. From the supply side, locked-in positions are eager to sell; from the demand side, market participation is insufficient. Under this double squeeze, the sluggish trading volume in the initial phase is inevitable. This reflects the market's limited capacity to absorb new liquidity and the mismatch between the exchange's listing mechanism and market realities.