Crypto Trading Volume Plummets 70%, Forcing Exchanges to Shut Down

Crypto trading volume has fallen sharply in 2026, with daily volumes on 44 spot exchanges dropping to around $15 billion last week. This represents a 70% decline from January's peak of over $100 billion.

The decline is not limited to individual exchanges, with Binance handling just over $35 billion in total July volume, down 85% from November 2024. Bybit and OKX also saw significant declines, falling 85% and 67%, respectively.

For Coinbase, the decline in trading volume has had a direct impact on revenue, with the company posting a net loss of $359 million for Q2. This marks a significant turnaround from last year's profit of $1.49 billion in the same period.

The concentration of liquidity among a few large exchanges is also a concern, with the six largest exchanges now accounting for more than 60% of all trading activity. This intensifies risks for smaller platforms and retail traders.