The crypto market is running on fumes. Average daily spot trading volume across 44 monitored exchanges sank to roughly $15B last week, the lowest reading of 2026 and a 70% decline from the peaks hit back in January, according to data from analytics firm Kaiko highlighted by The Kobeissi Letter.
Where the volume actually lives
More than 60% of that $15B in daily spot volume is concentrated on just six exchanges. That means the vast majority of crypto’s trading infrastructure is sitting idle, while a handful of platforms carry the load.
The decline hasn’t been sudden, either. Average daily volume has dropped roughly 50% since December 2025, when it hovered around $20B.
Decentralized venues aren’t picking up the slack
