Spot volume across fourteen major exchanges dropped 21.7% in July to $429 billion, with not a single venue posting a month-over-month gain. Binance held 45.8% of the total at $196.5 billion, followed by OKX and Bybit. The uniformity is the notable part: when every exchange declines together, it points to participants stepping back across the board rather than liquidity rotating from one venue to another.