📉 CEX volumes dropped nearly 40%

In Q1 2026, spot volume across top exchanges fell from $4.04T to $2.47T (-38.8%) !

📊 What stands out:

• Binance still dominates but declined

• most exchanges are down

• liquidity has clearly weakened

👉 What it means:

• hype has cooled off

• less speculative activity

• weaker momentum moves

📉 Bottom line:

the market is not in euphoria - it’s in a liquidity compression phase before the next move 🔥

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