Public token sales have fallen to a four-year low, private placement rounds have become mainstream, and retail investors are increasingly unable to get in.

According to CryptoRank, only 47 public token sales (ICO, IDO, and IEO) were recorded in the second quarter of 2026, raising $40 million, marking the lowest quarterly level in the past four years. Compared to the cycle peak, public token sale fundraising fell by 95.3%, and the number of sales decreased by 90.5%. CryptoRank stated that public fundraising is no longer the primary financing path for crypto startups, with more funds flowing into private rounds, and public sales have become more selective.