Crypto Press Releases are Manipulating Markets, Study Shows

A growing share of information driving crypto markets comes not 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 as a parallel news market, capable of shaping sentiment and temporarily moving prices, even before verification occurs.

Over 60% of Releases Come from High-Risk Projects

The study found that 62% of releases originated from high-risk (35.6%) or outright scam (26.9%)projects. Meanwhile, 27% were low risk, and 10% were medium risk.

Sponsored

Sponsored

Unlike editorial coverage, where journalists assess credibility, press-release wires publish client content with minimal review. This allows misleading or exaggerated claims to reach audiences quickly, influencing asset prices.

Only 2% of releases (58 total) covered substantive events such as funding rounds, mergers, or research. Nearly 50% were product or feature updates, and 24% were related to trading and exchange listings, often flooding the market with repetitive content ignored by credible newsrooms.

Tone analysis revealed that only 10% of releases were neutral, while 54% were overstated and 19% overtly promotional.

In total, around 70% contained blatant marketing spin, with words like “revolutionary,” “game-changing,” or “leading the Web3 future.”

Market Impact and Manipulation Risk

Syndication practices amplify these effects. Many platforms guarantee placement across dozens of sites, including crypto media outlets and mainstream sidebar feeds. This allows projects to showcase “as seen on” signals.

Small or overlooked disclaimers may lead casual investors to treat promotional content as independent reporting.

The hype-laden content can trigger retail investor activity and even algorithmic trading bots, generating short-term price moves based on perception rather than fundamentals.

This mirrors traditional pump-and-dump tactics in penny stocks, where press releases have historically created artificial demand before insiders sell.

Therefore, the study presents a crucial takeaway for investors: visibility does not equal validation. Press releases, especially from high-risk or scam-adjacent projects, should be treated first as promotional material and second as potential market-moving signals—with skepticism applied at every step.