According to WuBlockchain, total crypto spot trading volume on 14 major cryptocurrency exchanges in July 2026 dropped to $429.0 billion from $547.9 billion in June, a decline of 21.7% month-over-month. The weakness across all 14 exchanges suggests a systemic issue rather than isolated incidents at a small number of exchanges.

The largest centralized exchange was Binance, with $196.5 billion and 45.8% of total spot trading volume, while the second and third largest exchanges were OKX ($41.6 billion) and Bybit ($36.3 billion). The three largest tracked exchanges in aggregate accounted for 64.0% of the total tracked spot volume, illustrating that liquidity remained concentrated on the largest…