Organization: Crypto Market Continues Deleveraging in Q2, Spot Trading Volume Hits New Low Since Q3 2023

BlockBeats News, July 13th, according to the latest market analysis by FalconX, in the second quarter of 2026, the cryptocurrency market continued the deleveraging trend. The spot trading volume on major exchanges dropped to $1.6 trillion, a 25% decrease compared to the previous quarter and a 42% decrease year-on-year, hitting the lowest level since the third quarter of 2023. The futures trading volume dropped to $9 trillion, down 12% compared to the previous quarter and down 31% year-on-year.

The report indicates that by the end of the second quarter, the total open interest (OI) of the futures market decreased to $53.2 billion, significantly lower than the peak of $122.2 billion in October 2025, with a trading turnover rate of 1.6x, reflecting a shift in the market from high-frequency speculation to long-term holding.

In terms of fund flows, Bitcoin spot ETFs saw a net outflow of $4.9 billion in the second quarter, expanding the year-to-date net outflow to $5.4 billion. The total supply of stablecoins decreased by $7.4 billion to $313.8 billion, marking the first contraction in several quarters.

FalconX believes that the current deleveraging process in the market has been mostly completed, with open interest trending towards stability and signs of a trading volume rebound in June. Looking ahead to the third quarter, the progress of the U.S. CLARITY Act and the flow of funds into ETFs will be important catalysts affecting the market trend.