In April, the cumulative spot trading volume on centralized crypto exchanges experienced its first month-to-month decline in seven months.
After a significant increase in March, with spot volumes more than doubling to nearly $2.5 trillion, April saw a decrease to $1.6 trillion. The last decline of this nature was recorded in September 2023. This trend is corroborated by analytics firms such as CCData, which also noted a decrease in spot volume for the first time in seven months.
The decrease in spot trading volumes on exchanges like Binance, OKX, and Coinbase coincided with a $10,000, or 15%, drop in the price of bitcoin during April. Binance remained at the top with $700 billion in spot trading volume, according to the data.
Since September last year, exchange volumes have been steadily increasing each month, peaking in March before the decline in April. The volumes seen last month closely resemble those of January and February.
Additionally, the cumulative spot bitcoin ETF trading volume in the U.S. also decreased in April compared to March.
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