FalconX: Crypto Trading Volumes Fell in the Second Quarter of 2026 as Deleveraging Continued

FalconX said crypto markets continued a deleveraging trend in the second quarter of 2026, with spot and futures trading volumes declining across platforms. According to Odaily, FalconX reported total spot trading volume of $1.6 trillion in the second quarter, down 25% from the previous quarter and down 42% year over year, marking the lowest level since the third quarter of 2023. Futures trading volume totaled $9 trillion, down 12% quarter over quarter and 31% year over year. FalconX said futures open interest fell to $53.2 billion, down from a peak of $122.2 billion in October 2025. Turnover declined to 1.6 times, and the firm said speculative appetite weakened while the share of long-term holdings increased. On the funding side, FalconX reported net outflows of $4.9 billion from Bitcoin spot ETFs in the second quarter, bringing year-to-date net outflows to $5.4 billion. The firm also said total stablecoin supply fell by $7.4 billion to $313.8 billion, marking the first contraction in recent quarters. FalconX said it believes the current deleveraging phase is largely over and noted signs of a rebound in trading volume in June. It added that key factors for the third quarter include the legislative process for the U.S. CLARITY Act and changes in spot ETF fund flows.