Chatting with friends in Hong Kong, I found that many project tokens are in "OTC". This includes some star projects on Binance that are also looking for institutions to sell tokens at a discount. It's about 60-70% of the secondary market price, with a lock-up period of around 6 months. Institutions are also very willing to take on these top-tier tokens, with volumes in the millions of dollars. Projects are being launched, institutions are buying, and both sides are making money. So the question arises, who is losing?