The crypto market may appear stable on the surface, but underlying activity is cooling rapidly. Data shows that total centralized exchange (CEX) trading volume has dropped to around $4.3 trillion, marking a sharp 48% decline from the October 2025 peak. This slowdown points to weakening participation, even as prices attempt to hold higher levels.

More importantly, the structure of the market is shifting. Perpetual futures now dominate with nearly $3.5T in volume, while spot trading has shrunk to just $0.8T. This cryptoquant data highlights the imbalance, suggesting the market is increasingly driven by leverage rather than real demand, a setup that often leads to fragile rallies and higher volatility.

Futures Dominate as Spot Demand…