According to CoinMeta, as reported by the macroeconomic analysis firm The Kobeissi Letter, last week the daily trading volume of 44 crypto spot exchanges dropped to approximately $15 billion, marking the lowest level of the year so far, a decrease of about 70% from the high in January. Since December 2025, the average daily trading volume has been on a downward trend, with the current volume of around $20 billion still being highly concentrated. Six major exchanges account for over 60% of the total trading volume.