Daily spot trading volumes across centralized exchanges have fallen to approximately $15 billion last week, the lowest level of 2026, according to Kaiko data. The six largest centralized exchanges now control over 60% of spot activity as overall market participation contracts. Daily volumes across 44 exchanges have dropped 70% from January peaks, with the average daily volume trend declining 50% since December 2025 to about $20 billion. However, some analysts argue this reflects a shift toward decentralized exchanges rather than a disappearance of crypto interest. Bitcoin trades near $64,000, down nearly 50% from its all-time high, while Ethereum, XRP, and Solana have fallen 62%, 70%, and 75% respectively.
Crypto trading activity has fallen to its lowest level of 2026. According to data from Kaiko, daily spot volumes across tracked exchanges dropped to around $15 billion last week.
The Kobeissi Letter shared the Kaiko numbers, showing daily trading volumes across 44 spot crypto exchanges have dropped 70% from peak levels in January. The average daily volume trend also fell 50% since December 2025 to about $20 billion. The six largest exchanges now account for more than 60% of total trading activity.
However, pseudonymous crypto researcher Emperor Osmo argued that the drop in trading volume on centralized exchanges mostly reflects changing exchange dynamics. “Centralized exchanges are simply losing market share to DEXs,” the analyst wrote.
Data from The Block shows decentralized exchange volume has been climbing relative to centralized platforms. The ratio went from near 20% in April to about 24% in July and above 46% so far in August, though figures from this month are incomplete.
Trader Jeff noted that stablecoin volume and active addresses are both up from last month. Holders of tokenized real-world assets jumped 51% in 30 days to 1.57 million. “The traders left, but the users stayed,” he wrote.
Wintermute head of OTC Jake O called the shakeout healthy, arguing that “volume consolidating on the stronger venues is a net positive for the industry.”
Major cryptocurrencies trade well below their highs. Bitcoin (BTC) is near $64,000, up about 2% in 24 hours but nearly 50% lower than its October 2025 all-time high. Ethereum (ETH) trades close to $1,900, down 62% from its peak. XRP and Solana (SOL) have dropped 70% and 75% from their all-time highs, respectively.
Some critics see the decline as evidence of a longer-term move away from crypto, with AI becoming a stronger competitor for investor attention. Korean trader Frontier Bet believes that regulatory development such as approval of the CLARITY Act could attract capital back. The odds for the bill’s approval have continued to drop, especially after the White House failed to respond to a key counterproposal from Thom Tillis and Ruben Gallego pushing for stronger ethics provisions.
