“Growth plans can’t hide the slowdown without strong trading volumes; even crypto giants feel the chill.”
Barclays stated that, without an important trigger, trading activity in the cryptocurrency market is anticipated to remain modest in 2026.
The global bank stated in its most recent year-end report that investor interest is waning, particularly on retail-focused cryptocurrency exchanges.
Barclays claims that spot cryptocurrency trading volumes are declining and that 2026 may be a “down year.” For websites like Coinbase and Robinhood, spot trading is a major source of income.
These exchanges may find it difficult to recover the huge volumes observed during previous bull markets as retail participation declines.
The bank pointed out that following important occurrences, cryptocurrency prices typically move quickly. Short-term trade spikes in 2024 were fuelled by strong political backing for digital assets and spot approvals of Bitcoin ETFs.
A long recovery in volumes is unclear, though, as Barclays does not anticipate any comparable large-scale events for 2026.
Regulation might provide some assistance. Barclays emphasised the United States’ planned CLARITY Act, which seeks to specify whether digital assets are covered by commodities or securities regulations.
If approved, the law may lessen investor and cryptocurrency company anxiety and facilitate the more seamless introduction of new goods.
However, the bank warned that regulatory advancements would take time and might not immediately increase profits.
Barclays remains focused on Coinbase, warning that its move into tokenised assets, derivatives, and new services may not fully offset falling spot trading volumes in 2026.
The bank says lower retail trading activity could continue to pressure Coinbase’s core revenue. Due to this cautious outlook, Barclays cut its price target for Coinbase stock.
In general, Barclays believes that 2026 will be a time of transformation for cryptocurrency. The industry may require patience before growth resumes because there are fewer retail traders and fewer short-term drivers.
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