Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
BTC 
ETH 
SOL 
XRP Crypto trading activity drops to its lowest level in 2026
According to Kaiko data, daily spot trading volume on tracking exchanges fell to about US$15 billion last week, the lowest point since 2026.
Trading volume on centralized exchanges declines, trading activity cools down
According to Kaiko data shared by The Kobeissi Letter, the daily trading volume of 44 spot cryptocurrency exchanges has dropped by 70% from its peak in January. Since December 2025, the trend of average daily trading volume has also dropped by 50% to approximately US$20 billion. In addition, six major exchanges currently account for more than 60% of total trading volume.
However, not everyone believes that crypto liquidity is disappearing. Emperor Osmo, a pseudonym cryptocurrency researcher, believes that the decline in trading volume on the centralized exchange (CEX) mainly reflects changes in the exchange landscape.
Data from The Block shows that the trading volume of decentralized exchanges (DEX) has been climbing relative to centralized platforms this year, rising from about 20% in April to about 24% in July. It has exceeded 46% since August, although this month's data is not yet complete. "Centralized exchanges are ceding market share to decentralized exchanges," the analyst wrote.
Trader Jeff put forward relevant views from different perspectives. He pointed out that stablecoin trading volume and the number of active addresses both increased from the previous month, and that the number of holders of tokenized real-world assets increased by 51% to 1.57 million in 30 days. "Traders left, but users stayed," he wrote. Jake O, head of over-the-counter trading at Wintermute, believes the reshuffle is healthy and points out that "concentrating trading volume on stronger platforms is good for the industry's net profit."
Market status
While trading volumes have declined, trading prices of major cryptocurrencies are well below their historical highs. For example, Bitcoin (BTC) is currently trading at about $64,000, up about 2% in 24 hours, but down nearly 50% from its all-time high in October 2025. Ethereum (ETH) is trading close to $1,900, down 62% from its peak. Ripple (XRP) and Solana (SOL) performed even worse, falling 70% and 75% respectively from their record highs.
Some critics view the decline as evidence of a long-term decline in cryptocurrencies, arguing that artificial intelligence has become a stronger competitor to investor attention and capital. But other participants, including South Korean trader Frontier Bet, believe regulatory developments, such as the passage of the CLARITY Act, may attract capital back into the crypto market.
The bill's chances of approval continue to decline, especially after the White House failed to respond to key counter-proposals put forward by Tom Tillis and Ruben Gallego, who are pushing for stricter ethics clauses.
