The six largest centralized exchanges now control over 60% of spot activity as overall market participation contracts.

Crypto trading activity has fallen to its lowest level of 2026.

This is according to data from Kaiko, which shows daily spot volumes across tracked exchanges dropping to around $15 billion last week.

Centralized Exchange Volumes Fall as Trading Activity Cools

According to the Kaiko numbers shared by The Kobeissi Letter, daily trading volumes across 44 spot crypto exchanges have dropped 70% from peak levels in January, with the average daily volume trend also falling 50% since December 2025 to about $20 billion. Furthermore, the six largest exchanges now…