Crypto Spot Volume Hits $679B in April, Lowest Since Oct 2023
Centralized exchange crypto spot volume fell to $679 billion in April 2026, the lowest monthly level since October 2023, according to CryptoQuant. This marks a two-thirds decline from the late-2024 peak near $2.6 trillion, driven by a grinding bear market that has suppressed trading since 2025. Perpetual futures volumes also fell in parallel, with traders cutting risk rather than adding it. Bitcoin traded near $62,000 on June 5, well below its October 2025 peak above $122,000. Despite the downturn, no cascading failures have occurred unlike the 2022 collapse. Volume is concentrating on a few deep venues: Binance, Bybit, Gate, and Crypto.com lead cumulative spot volume in 2026. Average Bitcoin trade sizes have risen across spot and futures since 2025, indicating institutional players making up more of the remaining activity. Traditional assets like gold, silver, and oil have seen record trading on crypto exchanges in 2026, driven by around-the-clock macro exposure, especially during weekends and holidays. Gate and Binance account for roughly two-thirds of that traditional futures volume. The market is undergoing a structural shift toward institutions and traditional assets that could outlast the downturn.
Key facts
- Spot volume fell to $679B in April 2026, lowest since Oct 2023.
- Volume concentrated on Binance, Bybit, Gate, Crypto.com.
- Average Bitcoin trade sizes rose since 2025, indicating institutional activity.
- Gold, silver, oil saw record trading on crypto exchanges in 2026.
- No cascading failures occurred despite the bear market.