Trading volume on crypto exchanges drops to two-year low

Trading volume on centralized crypto exchanges reaches a two-year low in July 2026. Total spot volume falls to $807 billion, a 31% decline from June and lower than the previous lows recorded in April and May.

In brief:

• Spot trading volume on centralized exchanges falls to $807 billion in July 2026, the lowest level in two years.
• Compared with June, volume falls by 31%, from $1.17 trillion to $807 billion.
• Binance remains the largest player, with a volume of $187 billion in July 2026.

Sharp decline from the previous month

Data from CryptoRank shows that spot volume on centralized exchanges amounted to $807 billion in July 2026. That marks a sharp step back from the $1.17 trillion traded in June. The 31% month-on-month drop makes it one of the largest declines in recent times.

To understand the scale of the decline: in November 2024, volume peaked at $2.6 trillion, and in September 2025 it still reached $2.4 trillion. Since then, a downward trend has continued, with volume already weakening to around $1.3 to $1.4 trillion in the first months of 2026. July marks a new low in that trend.

Binance dominant, but overall market quiet

In July 2026, Binance accounted for the largest share of total volume with $187 billion. That represents more than a quarter of the entire market. Bitget follows at a distance with $119 billion, while OKX came to $42 billion and Bybit to $37 billion. Gate recorded $35 billion and Coinbase $32 billion.

Smaller exchanges such as MEXC ($31 billion), KuCoin ($26 billion), Crypto.com ($20 billion), LBank ($24 billion) and HTX ($18 billion) complete the picture, with the remaining exchanges together accounting for $231 billion. The low aggregate figures show that spot market activity has declined broadly, not just at one or two exchanges. Whether this is temporary lethargy or a longer period of limited trading activity will become clear in the coming months.