Bitcoin is trading near $63,000 with barely anyone buying or selling it. According to data cited by The Kobeissi Letter, Kaiko-tracked daily volume across 44 spot exchanges dropped to roughly $15 billion last week, the lowest reading of the year. That marks a 70% decline from January’s peak, when two trading days in February alone pushed daily volume above $100 billion.

The number is not an outlier. It is the latest data point in a months-long liquidity drain that has already forced three exchanges to close and is now squeezing revenue at Coinbase and every other major venue that depends on trading fees to survive.

How Far Has Crypto Trading Volume Fallen in 2026?

The average daily volume trend has dropped approximately 50% since…