The past one and a half years in crypto have been characterized by negative events one after another. Every market actor knows the collapse of crypto exchange FTX and stablecoin Terra, among other devastating affairs, but few comprehend another collapse, namely the severe decline in spot crypto volumes. Since the end of the 2021 bull run, the spot volumes have been on a downward trajectory, drying up market liquidity. The drop in crypto volumes is stressed by the chart below. It shows the monthly spot volumes on Coinbase and Kraken from the start of 2021 through July 2023. Coinbase and Kraken are the primary fiat ... (full story)