Crypto trading activity is declining: Daily trading volume across the 44 spot crypto exchanges tracked by Kaiko fell to ~$15 billion last week, the lowest level of the year. This marks a -70% decline from January peak levels. By comparison, in February, there were 2 trading days when volume exceeded $100 billion. As a result, the average daily volume trend has fallen -50% since December 2025, to $20 billion, the lowest this year. Meanwhile, trading volume remains heavily concentrated, with the 6 largest exchanges accounting for more than 60% of total activity. Crypto market liquidity is drying up.(The Kobeissi Letter)