Bybit CEO says crypto retail participation may have fallen 30%

Bybit CEO Ben Zhou thinks retail crypto traders have gone quiet, and the numbers back him up. Zhou estimates that retail participation across the crypto market is roughly 30% below previous peak levels, a gap he attributes to a market that’s simply run out of fresh narratives to chase. The timing tracks. Centralized spot trading volumes in mid-2026 sit approximately 67% lower than the highs reached in October 2025. The retail retreat in context A 30% decline in retail participation doesn’t just mean fewer people buying Bitcoin on their phones. It means lower volumes, thinner order books, and reduced fee revenue for every exchange in the ecosystem. The phenomenon isn’t unique to Bybit. Trading softness has reportedly hit exchanges across the board, suggesting this is an industry-wide dynamic rather than a platform-specific issue. Bybit’s own rollercoaster In early 2025, the exchange suffered a hack that resulted in losses exceeding $1.5 billion. Bybit didn’t fold. The exchange clawed its way back, recovering market share from lows near 4% to somewhere in the 7-9.5% range. Part of that recovery came through tactical product launches, including Retail Price Improvement orders, a tool ...