Wu Says learned that GSR research head Frank Chaparro said that cryptocurrency spot trading volumes have continued to stay at low levels. Data shows that the 7-day moving average of daily spot trading volume on centralized exchanges has fallen to about $21.4 billion, down nearly 80% from the peak of roughly $104.3 billion in October 2025. Charts show that spot transaction volumes have generally fluctuated downward since the fourth quarter of last year; although they briefly rebounded at the start and middle of 2026, they failed to reverse the ongoing contraction trend.