LATEST: 📊 S&P Dow Jones Indices and Kaiko combined their crypto benchmark offerings into a co-branded suite, S&P Kaiko Digital Asset Indices, covering over 4,000 rates and indices at launch.

Crypto trading activity is declining: Daily trading volume across the 44 spot crypto exchanges tracked by Kaiko fell to ~$15 billion last week, the lowest level of the year. This marks a -70% decline from January peak levels. By comparison, in February, there were 2 trading days when volume exceeded $100 billion. As a result, the average daily volume trend has fallen -50% since December 2025, to $20 billion, the lowest this year. Meanwhile, trading volume remains heavily concentrated, with the 6 largest exchanges accounting for more than 60% of total activity. Crypto market liquidity is drying up.

A group of large financial firms including DRW, Susquehanna and Royal Bank of Canada invested in digital-asset data provider Kaiko, as progress toward round-the-clock trading on blockchain rails sparks demand for new infrastructure