Cumulative spot trading volume on centralized cryptocurrency exchanges fell in April, marking the first monthly decline in seven months, according to The Block Data Dashboard.
Spot trading volume on centralized cryptocurrency exchanges more than doubled in March, reaching nearly $2.5 trillion, before falling to $1.6 trillion in April, according to The Block Data Dashboard. The last monthly decline occurred in September 2023. This is consistent with trends discovered by analytics firms such as CCData, which observed a decline in spot volumes for the first time in seven months.
The decline in spot trading volume on exchanges such as Binance, OKX, and Coinbase coincided with the price of Bitcoin falling by approximately $10,000 (15%) during the month of April. According to the data, Binance maintained its top spot with $700 billion in spot trading volume.
Exchange trading volume has increased slightly every month since last September and peaked in March. Last month’s trading volume was almost identical to January and February.
At the same time, cumulative spot Bitcoin ETF trading volume in the U.S. was also lower in April compared to March.
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About the author
RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal and has covered companies including Disney, Netflix, and Warner Bros. and the creator economy, with a primary focus on technological innovation across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a wide range of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.