Every token sale from Jan 2014 to Nov 2017 (credit: Elementus ) / Interactive graphic Youtube This graphic shows every token sale that successfully raised at least $100k, from the beginning of 2014 through the end of last month, November 2017. The bar chart at the bottom displays the total dollar amount raised in each month (details below). How big is the ICO (aka token sale) market really? It seems like this should be an easy question to answer. After all, blockchains are that contain a complete record of every transaction ever made. However, we’ve found the answer to this question to be surprisingly elusive. open data layers We surveyed the web for data on token sales and turned up over 100 ICO listing sites. Estimates on the total dollar amount that has been raised via ICOs to date range from about to . $3.5 billion $4.5 billion Why such a big discrepancy? As far as we can tell, all of these estimates rely strictly on reported figures — either by the ICO issuer itself or by another third party. There is nothing wrong with this approach. Many data providers in the financial world collect their information this way. However, why rely strictly on reported figures when actual figures are available directly from the blockchain? We decided to estimate the size of the ICO market by going directly to the source. The figures in this post are based on our own deep dive into the Ethereum and Bitcoin blockchains. We searched for every token, crowdsale, and we could find. We then identified the corresponding owners and added up the total amount of contributed funds — taken either from the blockchain itself or as reported by the fundraiser. multisig wallet In total, we estimate about has been raised via ICOs to date — much higher than what has been reported elsewhere. $6.4 billion Perhaps more surprising than the fundraising total is the trend over time. The ICO market is not dying down, as many . It’s still growing. have reported The rise and rise of ICOs This chart is the same as one at the top of the post, with the figures labeled. It shows the total amount raised via ICOs month-by-month. Contrary to the commonly heard narrative that the ICO party is coming to an end, ICO fundraising in November was only slightly off its high point the month before. The current run rate of over per month surpasses traditional early stage fundraising by a multiple. Angel and seed-stage VC investments were running at less than $300 million per month as of July ( ). $1.3bn Goldman Sachs via CNBC The trend is even more stark when you look at the total of ICOs that closed each month (minimum raise of $100k). count By this measure, the token sale market is not only still going strong. It’s accelerating! November set a new record for number of closed token sales with 148, an increase of 36 compared to the month before. We view this metric, the number of successful ICOs, as a better gauge of market activity than the fundraising total. The total dollar amount raised is not only susceptible to fluctuations in crypto exchange rates, it may also be driven by just a handful of outliers, and may not reflect the true underlying trend. For example, just two ICOs ( and , which raised $236m and $200m respectively) account for nearly half of July’s total fundraising. Tezos EOS The number of ICOs completed each month shows a much clearer trend, one that shows no sign of slowing down. To play around with the graphic yourself, click here to view the . interactive bubble chart TL;DR ICOs have closed an estimated of fundraising to date. $6.4 billion Contrary to widespread perception, the ICO market is . still growing Total fundraising in November was down slightly from its high point in October ( vs ). $1.38bn $1.39bn November set the record for number of ICOs that closed with . 148 Originally published at elementus.io on December 12, 2017.