Institution: The crypto market continued deleveraging in the second quarter, and spot trading volume hit its lowest level since Q3 2023.

BlockBeats message, July 13, according to FalconX’s latest market analysis, the crypto market in the second quarter of 2026 continues the deleveraging trend; the spot trading volumes of major exchanges fell to $1.6 trillion, down 25% quarter-over-quarter and down 42% year-over-year, reaching the lowest level since the third quarter of 2023; futures trading volume fell to $16k, down 12% quarter-over-quarter and down 31% year-over-year.

The report shows that by the end of Q2, the all-market futures open interest (OI) fell to $90k, sharply down from the peak of $12.22 billion in October 2025; the turnover ratio fell to 1.6x, reflecting that the market is shifting from high-frequency speculation to longer-term positioning.

In terms of capital flows, Bitcoin spot ETFs saw net outflows of $4.9 billion in Q2, and net outflows year-to-date expanded to $5.4 billion; the total stablecoin supply decreased by $7.4 billion to $313.8 billion, marking the first contraction in several recent quarters.

FalconX believes that the deleveraging process in the market has basically been completed, with open interest stabilizing; trading volumes showed signs of a rebound in June. Looking ahead to the third quarter, progress on the US《CLARITY Act》legislation and the flow of ETF capital will become important catalysts affecting market direction.