In April, the combined spot and derivatives trading volume on centralised exchanges fell 27.9% to $2.77tn, recording the first month-on-month decline in trading volume this year.

Key Takeaways

• Spot trading volume on Binance fell 48.1% to $287bn in April, recording its second-lowest monthly trading volume since 2021. Binance’s market share also continued to slide, falling for the second consecutive month to 46.3%, its lowest market share since October 2022.
• Since the launch of zero-fee trading of the BTC-TUSD pair on March 22nd, the TUSD trading volumes for the trading pair have soared to an all-time high, rising 851% to $34.0bn in April.
• Korean exchange, Upbit, resumed its impressive trend in trading activity this year, now accounting for 4.77% of the market share compared to 2.81% at the beginning of the year – an all-time high for the exchange. 
• BTC trading volume with USDT and BUSD has seen a heavy decline in April, with the former trading pair falling 65.9% to $117bn and being surpassed by the BTC/TUSD pair for the first time on Binance on April 15th.