Crypto trading volume on exchanges fell to $680 billion, its lowest monthly level since October 2023, analysts say.
Trading volume on centralized crypto exchanges fell to about $679 billion in April, its weakest month in roughly two and a half years, as the bear market left traders with fewer reasons to trade and less liquidity to chase.
CryptoQuant, a blockchain analytics firm, said in a Friday research report that monthly spot volume on exchanges was about $2 trillion in October 2025 before sliding to about $700 billion by April, a drop of roughly 67%. The report reads:
“Total spot trading volume on centralized exchanges fell to $679 billion in April 2026, the lowest monthly level since October 2023, reflecting the broad suppression of activity caused by the ongoing bear market.”
Perpetual futures activity also weakened as CryptoQuant firm said perp volumes declined alongside spot prices as traders pulled back from leverage.
Read also: Bitcoin Price Drop Brings Record Holder Losses in BTC History
Crypto Trading Volume Shows Institutional Split
But the slowdown doesn’t necessarily mean every part of the market went quiet, CryptoQuant notes. They found that trades for Bitcoin are still big on some spots and futures markets, especially at Gate.
The analysts also noticed Kraken and OKX handling a lot of large trades too. But most of the super deep liquidity is still clustered on just a few exchanges.
In spot markets, for instance, Binance and Gate lead market depth, CryptoQuant claims, noting that in peprs Hyperliquid, Binance, OKX, Bitget and Gate account for the deepest liquidity.
Read more: Bitcoin Price Prediction Markets Turn Bearish as Traders Eye $55K
