In April, the combined volume of spot and derivatives trading on centralised exchanges fell by 43.8% to $6.58tn. This decline followed unexpected macroeconomic data, an escalation in the geopolitical crisis in the Middle East, and negative net flows from U.S. spot Bitcoin ETFs, leading to major crypto assets retracing the gains they made in March.

Key Takeaways

• Monthly spot trading volumes on centralised exchanges fell by 32.6% to $2.01tn, marking the first decline in seven months. Similarly, monthly derivatives trading volume also experienced its first decrease in seven months, falling by 47.6% to $4.57tn.
  
• In April, the derivatives trading volume on the CME exchange fell 19.8% to $124bn, recording the first decline in seven months.
  
• The spot trading volume on Binance fell 39.2% to $679bn in April, recording the first decline in spot volumes on the exchange since September 2023. The market share of the exchange among spot markets fell by 3.69% to 33.8%, recording the lowest spot market share for the exchange since January 2024.