Crypto secondary marketplaces said most locked token trades are clearing at 40%–60% discounts, while 90% discounts remain distressed outliers. OFFX said positions with 36 months or more of vesting widened from a 50% median pre-2025 to above 60% in 2025 onwards, with a growing tail above 70%–80%. Sources said heavy weekly unlock supply, thinner liquidity, weak token value accrual, and a shift toward equity are widening the gap between buyers and sellers.