Daily trading volume has fallen 70% from January peaks, with just six exchanges handling the majority of activity. The crypto market is running on fumes. Where the volume actually livesMore than 60% of that $15B in daily spot volume is concentrated on just six exchanges. Average daily volume has dropped roughly 50% since December 2025, when it hovered around $20B. The global crypto market capitalization sits in the range of $2.18T to $2.29T, which means valuations haven’t cratered in proportion to the volume decline.