Crypto Spot Trading Volume Drops to $1.6T in Q2 2026, Lowest Since Q3 2023

According to FalconX, cryptocurrency spot trading volumes fell to $1.6 trillion in Q2 2026, down 25% quarter-over-quarter and 42% year-over-year, marking the lowest level since Q3 2023. Futures trading volume declined to $9 trillion, down 12% quarter-over-quarter and 31% year-over-year.

Period open interest (OI) dropped to $53.2 billion by end of Q2, significantly below the October 2025 peak of $122.2 billion. Bitcoin spot ETF outflows reached $4.9 billion in Q2, with year-to-date cumulative outflows expanding to $5.4 billion. Stablecoin total supply declined by $7.4 billion to $313.8 billion, the first contraction in several quarters.