Spot CEX volume dropped to $986B in March, the lowest in 24 months and down ~59% from the October peak. What matters is the persistence: 4 out of the last 5 months have been down, and this is happening across every major exchange. My read is that this is a structural shift, not just a slow market. Capital is rotating away from spot into perps, on-chain venues, and yield-bearing instruments, while retail activity is clearly cooling.