“We’re going to see a lot more announcements of closures like this. I think the only exchanges that will survive are those that don’t rely on retail for success. In the short term, I don’t see a return for retail in the numbers we used to see in 2021.”
Trading volume down
Centralized crypto exchanges are experiencing their quietest period in over two years. Spot trading volume on major centralized sites fell to $1.05 trillion in April 2026, its lowest monthly total in 25 months, according to the CoinDesk Data Exchange Review. For context, this represents a sharp drop from historical monthly activity recorded during peak market cycles. Colin Wu of Wu Blockchain recently revealed that in South Korea, trading volume on the top five crypto exchanges fell by 88%.
But it’s not just about crypto exchanges. Movement Labs and Storj Labs have filed for Chapter II bankruptcy, marking the third and fourth bankruptcy of a crypto-related company in seven days, respectively, as investor capital shifts heavily toward artificial intelligence.
The unexpected closures highlight a potential new reality for the industry. Speculation and retail interest have weakened, and legacy platforms that carry regulatory baggage can no longer afford to continue operating. For years, platforms like BitMEX relied solely on company reputation and the high-leverage gaming habits of day traders. New regulatory regulations, such as the European Union’s (EU) Markets in Crypto-Asset (MiCA) rules, are making smaller regional sites too expensive to run.
