Crypto exchange volumes drop for first time in 7 months as bitcoin price declined
Quick Take
- After spot volumes on centralized crypto exchanges more than doubled in March to reach nearly $2.5 trillion, they then fell in April to $1.6 trillion, according to The Block Data Dashboard.
- The last month-to-month decline occurred in September 2023.
Cumulative spot trading volume on centralized crypto exchanges fell in April, representing the first month-to-month decline in seven months, according to The Block Data Dashboard.
After spot volumes on centralized crypto exchanges more than doubled in March to reach nearly $2.5 trillion, they then fell in April to $1.6 trillion, according to The Block Data Dashboard. The last month-to-month decline occurred in September 2023. This matches trends found by analytics firms such as CCData, which also observed declines in spot volume for the first time in seven months.
The drop in spot trading volumes across exchanges like Binance, OKX and Coinbase coincided with the price of bitcoin dropping by about $10,000, or 15%, during the month of April. Binance maintained its top spot with $700 billion in spot trading volume, according to the data.
Exchange volumes have been gradually edging upward with each new month since last September before peaking in March. Last month's volumes are closely in line with January and February.
Simultaneously, cumulative spot bitcoin ETF trading in the U.S. also generated less volume in April as compared to March.
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