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In the second quarter of 2026, deleveraging in the crypto market deepened further. Spot and futures trading volumes as well as open interest hit new lows for the period, but the deleveraging process is already near its end.
1. In 2026 Q2, major trading platforms’ spot trading volumes fell to $1.6 trillion, down 25% quarter-on-quarter and 42% year-on-year, the lowest level since Q3 2023.
2. Futures trading volume fell to $9 trillion, down 12% quarter-on-quarter and 31% year-on-year. Across the market, total futures open interest (OI) fell to $16k, down 57% from the $90k peak in October 2025.
3. Turnover ratio fell to 1.6x, reflecting a shift from high-frequency speculation to long-term holding.
4. Bitcoin spot ETFs saw net outflows of $53.2B in Q2, and cumulative net outflows this year widened to $122.2B.
5. Total stablecoin supply decreased by $4.9B to $313.8 billion, the first contraction in several recent quarters.
6. FalconX believes the deleveraging process is essentially complete. Trading volumes began to show signs of recovery in June, and progress on the U.S. 《CLARITY Act》 legislation in Q3, along with ETF fund flows, will be key catalysts.