The second quarter of 2026 proved to be a real test for the cryptocurrency market. The total spot trading volume on centralized exchanges (CEX) collapsed to $3 trillion, marking the lowest figure in two years. This is half the peak recorded in the fourth quarter of 2024, when the market was euphoric amid the hype.
Spot Market: A Decline of 18.9%
The quarterly decline amounted to 18.9% — from $3.7 trillion to $3 trillion. All key market segments either hit multi-year lows or came very close to them. Even Binance, which retained its status as the largest spot platform with a volume of $731 billion, failed to maintain its market share: it shrank from 27% in Q1 to 24% in Q2. This continues the trend of liquidity flowing to competitors offering more aggressive terms and new products.
The only bright spot was Bitget. Its spot volume surged by 114% over the quarter, reaching $263 billion, propelling the exchange to second place in the ranking. The main growth driver was a June spike in activity linked to the launch of Stocks 2.0 and the expansion of the tokenized stock and ETF lineup. In a single month, Bitget's spot volume grew by 512% — from $33 billion to $202 billion, which fueled the quarterly leap.
Futures, DEX, and the Collapse of Listings
The futures market is also going through tough times. Volume has been declining for the third consecutive quarter: this time by 11%, to $15.7 trillion. The rate of decline slowed after a 31% crash in Q1, but this suggests stabilization at low levels rather than a reversal. Binance's share in futures holds steady at around 28%, indicating its continued dominance in this segment.
An even more alarming picture is seen in the perpetual DEX (perp DEX) market. Volume fell by 23% over the quarter, to $1.83 trillion. This marks the second consecutive quarterly decline after the record peak at the end of 2025. Hyperliquid remains the leader with a volume of $620 billion, recovering its share to 37%.
June brought cautious signs of a rebound: futures volume rose by 5%, to $5.5 trillion, and perp DEX volume increased by 14%, to $676 billion. However, this is merely a two-month recovery after a deep slump, and it is too early to talk about a trend reversal.
The collapse in the number of new listings is particularly telling. Over the quarter, the count dropped to 351 — 35% less than in Q1, hitting a two-year low. MEXC dominates this segment with a 41% share, but the overall decline points to reduced interest from issuers in entering exchanges under current market conditions.
My analysis: The market is going through a cycle bottom, and the June bounce is just the first signal of possible stabilization. However, one month on a low base does not form a sustainable trend. The key question for the coming months is whether the current stabilization can evolve into a structural recovery, or if another round of decline awaits us. For now, investors prefer to watch rather than act.