[Institution: The cryptocurrency market continued to deleverage in the second quarter, with spot trading volume hitting a new low since Q3 2023] On July 13th, according to FalconX's latest market analysis, the cryptocurrency market continued its deleveraging trend in the second quarter of 2026, with spot trading volume on major trading platforms dropping to $1.6 trillion, a decrease of 25% month on month and 42% year-on-year, reaching the lowest level since the third quarter of 2023; Futures trading volume dropped to $9 trillion, a decrease of 12% month on month and 31% year-on-year. The report shows that at the end of the second quarter, the open interest contracts (OI) of the entire market futures fell to $53.2 billion, a significant decline from the peak of $1222 billion in October 2025, and the trading turnover rate dropped to 1.6 times, reflecting that the market is shifting from high-frequency speculation to long-term holdings. In terms of cash flow, the Bitcoin spot ETF had a net outflow of $4.9 billion in the second quarter, and the cumulative net outflow for the year expanded to $5.4 billion; The total supply of stablecoins decreased by $7.4 billion to $313.8 billion, marking the first contraction in recent quarters. FalconX believes that the deleveraging process in the market has been largely completed, with open contracts stabilizing and signs of a rebound in trading volume in June. Looking ahead to the third quarter, the legislative progress of the CLARITY Act in the United States and the flow of ETF funds will become important catalytic factors affecting market trends. [Original link]