Crypto Exchanges’ Stock Plunges 60% as Trading Volumes Vanish – Is the Crash Over or Just Beginning?

Centralized crypto spot volumes have collapsed from $2.3T in October to roughly $120–150B in January 2026, pressuring exchange stocks. Coinbase has fallen 40% in six months, while peers such as Bullish have slid more than 50% as traders step back after liquidations. Binance leads too now in 2026 so.