Q2 Crypto Market Spot Trading Volume Drops to Lowest Level Since Q3 2023

In Q2 2026, the overall crypto market continued its deleveraging trend, with spot trading volume reaching $1.6 trillion, a decrease of 25% quarter-on-quarter and 42% year-on-year, marking the lowest level since Q3 2023. Futures trading volume was $9 trillion, down 12% and 31% compared to the previous quarter and the same period last year, respectively. The market's open interest in futures contracts fell to $53.2 billion, significantly down from the peak of $122.2 billion in October 2025, with the trading turnover rate dropping to 1.6 times, indicating weakened speculative interest and an increase in long-term holdings. Bitcoin spot ETFs saw a net outflow of $4.9 billion in Q2, bringing the total net outflow for the year to $5.4 billion; the total supply of stablecoins decreased by $7.4 billion to $313.8 billion, marking the first contraction in several quarters. FalconX assesses that the current deleveraging phase in the market is essentially over, with signs of recovery in trading volume in June. The core catalysts for the market in Q3 will stem from the legislative process of the U.S. CLARITY Act and changes in the flow of funds into spot ETFs.

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