How much did spot volumes drop?

TLDR

Crypto spot trading volumes fell by about 6066% from the January peak to this week, per exchange and media reports that cite market data (Bitfinex view).

1. Average daily volumes were down ~26% month over month in November, according to JPMorgan (summary).
2. Thirty?day spot volumes slid from over $500 billion to roughly $250 billion in recent weeks (report).
3. ETF net outflows and a cautious macro backdrop contributed to weaker spot demand (analysis).

Deep Dive

1. Magnitude

The drop is material: multiple sources highlight a sustained decline in spot activity of ~6066% versus Januarys peak. Thirty?day crypto spot volumes fell from over $500 billion to near $250 billion in recent weeks, marking one of the sharpest slowdowns of the year (Bitfinex view).

2. Monthly Trend

On a monthly basis, turnover deteriorated into November. JPMorgan flagged average daily crypto trading volume down ~26% month over month, alongside weaker DeFi/NFT activity and net redemptions in listed crypto products (summary). The same period saw several sessions with total market trading slipping toward $200 billion, reinforcing the slowdown (context).

3. Drivers

Flows into spot ETFs turned negative in November (Bitcoin ~$3.4 billion net outflows, Ether ~$1.4 billion worst month on record), and the macro backdrop stayed cautious after the Feds rate cut guidance tempered easing expectations (overview). Tech?sector jitters and mixed risk appetite also weighed on activity, limiting spot demand even when prices attempted rebounds (market note).

Conclusion

Spot volumes dropped sharply, by roughly 6066% from early?year highs, and fell ~26% month over month into November. The combination of ETF outflows and a cautious macro tone has dampened spot demand. If flows and liquidity improve, volumes could stabilize; if they dont, expect thinner depth and more flow?driven price swings.