Crypto markets kept deleveraging in the second quarter of 2026, according to FalconX’s latest market analysis. Spot trading volume across major venues fell to $1.6 trillion, down 25% from the prior quarter and 42% from a year earlier, marking the lowest level since the third quarter of 2023. Futures volume also dropped to $9 trillion, down 12% quarter over quarter and 31% year over year.
The report said total futures open interest across the market stood at $53.2 billion at the end of the quarter, well below the $122.2 billion peak recorded in October 2025. Turnover fell to 1.6x, which FalconX said points to a shift away from high-frequency speculation and toward longer-term positioning. On the flow side, spot Bitcoin ETFs saw $4.9 billion in net outflows during Q2, bringing year-to-date net outflows to $5.4 billion. Total stablecoin supply also shrank by $7.4 billion to $313.8 billion, the first contraction in recent quarters. FalconX added that deleveraging is largely complete, open interest has stabilized, and trading activity showed signs of improvement in June. It said progress on the U.S. CLARITY Act and ETF fund flows will be key catalysts in the third quarter.
Crypto markets continued to deleverage in the second quarter of 2026, according to FalconX’s latest market analysis cited by BlockBeats on July 13.
Spot trading volume across major platforms fell to $1.6 trillion in Q2, down 25% from the previous quarter and 42% from a year earlier, the lowest level since the third quarter of 2023. Futures trading volume dropped to $9 trillion, down 12% quarter over quarter and 31% year over year.
Open interest and turnover moved lower
By the end of the second quarter, total futures open interest across the market had fallen to $53.2 billion, sharply below the $122.2 billion peak seen in October 2025. Trading turnover declined to 1.6x. FalconX said the shift points to the market moving away from high-frequency speculation and toward longer-term holdings.
ETF flows and stablecoin supply weakened
On the flow side, spot Bitcoin ETFs posted $4.9 billion in net outflows during Q2, bringing total net outflows for the year to $5.4 billion. Total stablecoin supply fell by $7.4 billion to $313.8 billion, the first contraction seen in recent quarters.
What FalconX is watching in Q3
FalconX said the deleveraging process is now largely complete, with open interest stabilizing and trading volume showing signs of recovery in June. Looking into the third quarter, it said progress on the U.S. CLARITY Act and ETF fund flows will be important catalysts for market direction.
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