Crypto Trading Volume Drops 70% as Exchanges Shut Down

Crypto trading volume has plummeted by 70% since its January peak, dropping to roughly $15 billion last week. This marks a significant decline from the $100 billion recorded in February alone.

The data cited by The Kobeissi Letter shows that this is not an isolated incident. In fact, it's part of a months-long liquidity drain that has already forced three exchanges to close and is now squeezing revenue at major venues like Coinbase.

Average daily volume has dropped approximately 50% since December 2025, settling around $20 billion across all exchanges tracked by Kaiko. Bitcoin-specific spot volume averaged just $2.2 billion per day in July, a level not seen since late 2023.