CoinGecko: Crypto winter deepens as CEX volumes drop 39%
CoinGecko called it a “sustained crypto winter” after spot volumes on the top 10 centralized exchanges fell 39% in Q1 to $2.7 trillion; March totaled $800 billion.
CoinGecko reported Thursday that spot trading on the top 10 centralized cryptocurrency exchanges fell 39% in the first quarter of 2026, dropping to $2.7 trillion from $4.5 trillion in Q4 2025.
March trading on centralized exchanges totaled $800 billion, the weakest month since November 2023. Trading among the 10 best crypto exchanges was roughly $1 trillion per month in January and February before contracting sharply in March.
Market capitalization for the sector declined by more than 20% in Q1 2026. Average daily trading volumes across the market averaged $117.8 billion for the quarter, a 27% decrease from the fourth quarter of 2025.
CoinGecko attributed the slowdown to lingering bearish momentum from late 2025 and global geopolitical instability, including U.S.-Israeli strikes on Iran in February. The report also noted that Kevin Warsh’s nomination for U.S. Federal Reserve chair was viewed as indicating a potential hawkish shift in U.S. monetary policy.
Bitcoin fell 22% over the quarter. U.S. equity benchmarks recorded weaker results as well, with the Nasdaq down 7.1% and the S&P 500 down 4.8% for the quarter, their worst quarterly returns since 2022.
All of the top 10 centralized exchanges posted lower spot volumes in Q1. HTX, formerly Huobi, recorded the largest drop, with quarterly volumes down 55% to $133.6 billion.
The report used the phrase “sustained crypto winter” to describe the market environment and highlighted a marked decline in daily trading activity across major exchanges during the quarter.
The material on GNcrypto is intended solely for informational use and must not be regarded as financial advice. We make every effort to keep the content accurate and current, but we cannot warrant its precision, completeness, or reliability. GNcrypto does not take responsibility for any mistakes, omissions, or financial losses resulting from reliance on this information. Any actions you take based on this content are done at your own risk. Always conduct independent research and seek guidance from a qualified specialist. For further details, please review our Terms, Privacy Policy and Disclaimers.
Articles by this author
