Crypto spot trading on centralized exchanges fell to $679 billion in April 2026, the lowest monthly level since October 2023. The figure is about a third of the late-2024 peak near $2.6 trillion, according to exchange data tracked by industry sources. The drop reflects the ongoing bear market that has suppressed trading activity since early 2025.
What’s behind the slump
Bitcoin traded near $62,000 on June 5, well below its October 2025 high above $122,000. Unlike the 2022 collapse, this downturn has been slower and hasn’t triggered cascading failures. Perpetual futures volumes fell in parallel with spot, and leverage appetite has contracted across the board. Liquidity in perpetuals is now clustered on a handful of venues: Gate, Binance, OKX, and Bitget, with Hyperliquid emerging as a fast-rising competitor.
Institutions are still there — just trading differently
Average Bitcoin trade sizes have risen on both spot and futures since 2025, a sign that institutional players now make up more of the remaining activity. Volume is concentrating on deep venues: Binance, Bybit, Gate, and Crypto.com led cumulative spot volume so far this year. On June 5, Binance handled about 23% of spot volume across top-tracked exchanges, and the five largest venues together took close to 40%. Gate led in average trade sizes, with Kraken and OKX also ranking high for larger-scale execution.
Traditional assets on crypto exchanges hit records
While crypto trading shrinks, demand for traditional assets on crypto exchanges hit record highs in 2026. Gold and silver are at the center of that demand, and oil trading has gained momentum from the US-Iran conflict. Gate and Binance together accounted for roughly two-thirds of traditional futures volume on crypto exchanges. The shift underscores how some exchanges are diversifying beyond digital assets to capture new revenue streams.
The next big question is whether spot volumes can recover in the second half of 2026, or if the bear market deepens further. No exchange has issued official guidance on near-term trading trends, but the concentration of activity among the top five venues suggests smaller platforms are feeling the most pressure.
