Crypto press releases form a 'parallel news market' that can influence prices, according to a study
An increasing share of the information driving crypto markets no longer comes from journalists, but from paid press releases.
An analysis of 2,893 crypto press releases published between June and November 2025 shows that these distribution networks operate like a parallel news market, capable of influencing sentiment and temporarily moving prices even before verifications occur.
Over 60% of new releases come from high-risk projects
The study found that 62% of the press releases came from high-risk projects (35.6%) or outright scams (26.9%). Meanwhile, 27% were low-risk and 10% medium-risk.
Unlike editorial coverage, where journalists assess credibility, press release agencies publish client content with minimal checks. This allows misleading or exaggerated claims to quickly reach the audience, influencing asset prices.
Only 2% of the press releases (out of 58 in total) concerned concrete events such as funding rounds, mergers, or research. Almost 50% were about product updates or features, and 24% related to trading and listings on exchanges, often flooding the market with repetitive content ignored by reputable newsrooms.
Tone analysis revealed that only 10% of the press releases were neutral, while 54% were exaggerated and 19% clearly promotional.
In total, about 70% contained a clear marketing cut, with words like 'revolutionary', 'game-changing', or 'leader of the future Web3'.
Category
% of total
Product updates / features
48.98%
Trading, listing, exchange
23.99%
Token launches / tokenomics
14.00%
Events, conferences, sponsorships
6.01%
Metrics, research, reports
3.01%
Funding / VC / corporate finance
2.00%
Vanity, awards, community
2.00%
Market impact and risk of manipulation
Syndication practices amplify these effects. Many platforms guarantee publication on dozens of sites, including crypto media and sidebar feeds of major generalist sites. This allows projects to showcase the classic signal 'as seen on'.
Little visible or neglected warnings can lead less experienced investors to consider this promotional content as independent news.
These hype-rich contents can trigger retail investor activity and even algorithmic trading bots, generating short-term price movements based on perception rather than fundamentals.