Key Points
- Centralized crypto exchanges experienced a decline in cumulative spot trading volume in April, the first in seven months.
- The decrease coincided with a 15% drop in Bitcoin’s price, with Binance maintaining the highest spot trading volume.
In April, the cumulative spot trading volume on centralized crypto exchanges experienced a decrease, marking the first such decline in seven months. This trend was seen after spot volumes more than doubled in March, reaching almost $2.5 trillion, before falling to $1.6 trillion in April. The last time such a decline was observed was in September 2023. This pattern aligns with observations made by analytics firms such as CCData, which also noted a decrease in spot volume for the first time in seven months.
Impact on Major Exchanges and Bitcoin
The decline in spot trading volumes was observed across major exchanges like Binance, OKX, and Coinbase. This coincided with the price of Bitcoin falling by about $10,000, or 15%, during April. Despite this, Binance retained its position as the top exchange with $700 billion in spot trading volume. The volumes on these exchanges have been gradually increasing each month since last September, peaking in March. The volumes for the last month align closely with those of January and February.
Spot Bitcoin ETF Trading Volume
In tandem with the decline in spot trading volumes on centralized exchanges, there was also a decrease in cumulative spot Bitcoin ETF trading in the U.S. in April compared to March.
