- Spot trading volume on the 10 largest centralized exchanges fell by 39% in the first quarter.
- March turned out to be the weakest month for CEX exchanges, falling to the level of November 2023.
On According to CoinGecko reports that the cryptocurrency market has entered a “long crypto winter”: spot trading volumes on centralized cryptocurrency exchanges (CEXs) fell sharply in the first quarter of 2026.
In the first quarter, the crypto market capitalization fell by more than 20% due to the fact that the bearish trend of the end of 2025 collided with global geopolitical instability, it was stated in the report analysts of the aggregator website.
As a result, spot trading volume on the 10 largest centralized exchanges fell by 39% in the quarter ending in March, from $4,5 trillion in Q4 2025 to $2,7 trillion. HTX, formerly known as Huobi, saw the largest decline compared to the previous quarter, with trading volumes falling 55% to $133,6 billion.
On According to According to CoinGecko, March was the “weakest month ever” with trading volume at $800 billion, the lowest since November 2023. The crypto market downturn was exacerbated by the appointment of Kevin Warsh as Chairman of the US Federal Reserve, which signaled “potential tightening of US monetary policy.”
Additionally, the crypto market saw a “significant decline” in daily trading activity in the first quarter, with average daily trading volume reaching $117,8 billion, down 27% from Q4 2025.
Bitcoin fell 22% in the first quarter, continuing to underperform all assets. U.S. stock indices like the NASDAQ and S&P 500 fell 7,1% and 4,8%, respectively, posting their worst quarterly returns since 2022.
Today the price of Bitcoin has gone up sharply and broke through the resistance at $77,000. Optimism in the crypto market is attributed to Iran’s announcement of the opening of the Strait of Hormuz and the constructive continuation of peace negotiations.
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