Crypto exchanges spot trading volume declines in April; Binance takes major hit

Crypto exchanges saw a important diminution successful their wide trading measurement successful April, with Binance trading measurement dropping by astir 50%.

According to CCData, the trading measurement for spots and derivatives connected centralized exchanges fell by 27.9% to $2.77 trillion successful April — the lowest since December 2022.

A breakdown of these trading activities showed that spot trading measurement declined 40.2% to $621 cardinal — the second-lowest since July 2020 and the lowest since December 2022.

Market becoming much speculative

In a motion of however speculative the crypto marketplace has become, 77.6% of each trading activities connected the crypto marketplace were based connected derivatives trading. CCData noted that this was an all-time high.

“This is an all-time precocious for the marketplace stock of derivatives, highlighting the summation successful usage of leverage arsenic traders speculate connected the existent uncertain macroeconomic conditions implicit the imaginable intermission connected complaint hikes.”

Despite its expanding marketplace share, the derivative marketplace measurement declined by 23.3% to $2.15 trillion successful April.

Source: CCData

The apical 3 platforms for derivative trading activities were Binance, OKX, and ByBit, which cumulatively power 91% of the market.

Binance trading measurement declines

On an exchange-by-exchange basis, spot trading activities connected Binance dropped by 48% to pre-FTX illness levels of $287 cardinal — its second-lowest period since 2021.

As its spot measurement declined, its wide marketplace stock fell for the 2nd consecutive period to 46.3%. This is besides its lowest marketplace stock since October 2022.

Source: CCData

Despite its falling numbers, Binance remains the undisputed person successful the space. Its closest rivals — Coinbase and OKX — some power astir 10% of the market.

Meanwhile, Binance instauration of zero-fee trading for its Bitcoin/TrueUSD trading brace has made TUSD the third-largest stablecoin by trading measurement connected centralized exchanges, surpassing USDC for the archetypal clip since June 2020.

CCData reported that the determination saw the trading measurement for the brace summation by 851% successful April, portion that of USDT/BTC declined by 65.9%.

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