Woofun AI data shows that cryptocurrency spot trading volume on major exchanges fell to $1.6 trillion in the second quarter of 2026, marking a 25% sequential and 42% year-on-year decrease to levels unseen since the third quarter of 2023. Futures trading volume declined 12% sequentially to $9 trillion, while total open interest settled at $53.2 billion, significantly below the October 2025 peak of $122.2 billion.

Bitcoin spot ETFs recorded a net outflow of $4.9 billion during the quarter, expanding year-to-date outflows to $5.4 billion. Stablecoin supply contracted by $7.4 billion to $313.8 billion, indicating the first shrinkage in several quarters. FalconX stated that the deleveraging cycle is largely complete, with open interest stabilizing and June showing signs of volume recovery.