Paris Saint-Germain wins Champions League, but fan tokens tumble as traders sell the news
Quick Take
- Paris Saint-Germain defeated Inter Milan to win the UEFA Champions League, but both teams’ crypto fan tokens ($PSG and $INTER) saw steep declines before and after the match.
- Despite offering light fan engagement features, these tokens act more like volatile micro-cap assets, with recent price action reinforcing a pattern where traders front-run major games to sell off regardless of the outcome.
- The following is an excerpt from The Block’s Data and Insights newsletter.
French football (soccer) team Paris Saint-Germain won European football’s most elite competition, the UEFA Champions League, on Saturday, May 31, as it triumphed over Italy's Inter Milan. Both teams featured in the final have official crypto fan tokens, represented by the tickers $PSG and $INTER.
These fan tokens were launched in partnership with Chiliz via Socios, which enables holders to participate in light governance decisions, access exclusive team experiences, and show digital support for their club. Though fan tokens often function more like branded loyalty points than investment-grade assets, they have historically behaved like high-beta micro-caps that move on sentiment rather than fundamentals.
In the days leading up to the weekend matchup, both tokens declined by a significant margin. The $PSG token had declined by 26% over the three days leading up to the final as the $INTER token declined by 44%. $PSG's market capitalization dropped to $19 million from $25 million while $INTER dropped to a $6.4 million market cap from $11.4 million over that period.
Fan tokens are illiquid and highly event-driven, as traders often front-run big fixtures and then de-risk into the actual result. Even a victory did not stop $PSG from slipping further post-match as speculators cashed out into low liquidity. Notably, Manchester City's fan token $CITY dropped ~30 % the day after the club won the 2023 Champions League, and $PSG/$INTER showed similar pre-match weakness. The market appears to be internalizing a pattern on major match catalysts.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
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