Has the crypto market found the bottom? Spot volumes have collapsed to $3 trillion — the worst quarter in 2 years
The market is undergoing a serious liquidity correction. According to my data, the total spot trading volume on centralized exchanges (CEX) in the second quarter of 2026 collapsed to $3 trillion. This is the worst quarterly figure in two years and exactly half the peak recorded in the fourth quarter of 2024, when volumes reached $6 trillion.
The decline was 18.9% compared to the first quarter ($3.7 trillion), and this is not just a statistical fluctuation. We are witnessing a structural contraction in market activity. All key segments — spot, futures, and DEX derivatives — simultaneously hit multi-year lows. The only exception was June, which showed the first signs of a revival, but one month is not enough to reverse the trend.
Binance loses share, Bitget is the main beneficiary
The largest exchange, Binance, remains the leader with a volume of $731 billion, but its market share continued to shrink — from 27% in Q1 to 24% in Q2. This is a continuation of the trend of liquidity flowing to competitors. A striking example is Bitget, which increased its spot volume by 114% over the quarter, to $263 billion, moving into second place. The main driver is the launch of the Stocks 2.0 platform and the expansion of the line of tokenized stocks and ETFs. In June, Bitget's volume surged by 512% — from $33 billion to $202 billion. This exchange accounted for most of the June recovery.
Futures and DEX: the decline continues but slows down
The futures market has been falling for the third consecutive quarter. Total volume decreased by 11%, to $15.7 trillion, but the rate of decline slowed after a 31% crash in Q1. Binance holds about 28% of the market. The perpetual DEX (perp DEX) segment contracted by 23%, to $1.83 trillion — this is the second consecutive quarterly decline after the record at the end of 2025. Hyperliquid remains the leader with $620 billion and a share of ~37%.
In June, both segments showed a two-month recovery: futures grew by 5% (to $5.5 trillion), and perp DEX by 14% (to $676 billion). However, the sharp drop in the number of new listings is alarming — only 351 for the quarter, 35% less than in Q1. This is a two-year low, signaling a decline in issuer activity.
My assessment: We are likely passing the bottom of the cycle. The June rebound is the first cautious signal, but at least one more month of confirmation is needed for a sustainable reversal. The key question in the coming weeks is whether stabilization will turn into a structural recovery or whether the market will slip back into a sideways trend. For now, I lean towards cautious optimism, but without fanaticism.