CryptoQuant: Spot Trading Volume Falls To Lowest Level Since 2023 As Bear Market Weighs On Exchange Activity

CryptoQuant’s latest market review points to a sharp cooling in crypto trading activity, with total spot volume on centralized exchanges dropping to $679 billion in April 2026, the weakest monthly reading since October 2023. 

The decline reflects the persistent pressure of the bear market, which has continued to suppress participation across both spot and derivatives markets. So far this year, Binance, Bybit, Gate, and Crypto.com have recorded the highest cumulative spot volumes, while perpetual futures turnover has weakened alongside softer prices and reduced leverage demand.

The report also notes that average Bitcoin trade sizes in both spot and futures markets place Gate at the forefront of institutional-style activity, continuing an upward trend that began in 2025 and extended into 2026. Kraken and OKX also rank near the top in average trade size, suggesting they remain important venues for larger Bitcoin orders.

Liquidity remains concentrated among a relatively small number of exchanges. Binance and Gate lead in spot market depth, while Gate, Hyperliquid, Binance, OKX, and Bitget dominate perpetual futures liquidity. Gate continues to show some of the deepest order books across both segments, while Hyperliquid has emerged as a strong competitor in the perpetual futures market.

Crypto exchanges are also seeing record activity in TradFi perpetual futures during 2026, largely driven by increased interest in gold and silver exposure. Oil trading has also accelerated amid the US-Iran conflict. Gate and Binance account for around two-thirds of total TradFi futures volume, underscoring the growing overlap between traditional and digital markets as traders increasingly use crypto platforms to access macro assets at any hour.

Bitcoin Price Volatility Triggers Major Liquidations as Market Outlook Remains Uncertain

Market volatility intensified earlier in the day when Bitcoin briefly fell toward the $60,000 level, triggering more than $600 million in long liquidations and renewing debate over whether the latest rebound marks a durable floor or simply a short-term recovery after excessive leverage was cleared. BTC dropped to about $61,300 on Thursday before climbing back above $62,000. At the time of writing, it was trading near $62,577, according to CoinMarketCap. 

Over a 24-hour period, more than $737 million in BTC positions were liquidated, with long positions accounting for the majority of losses, according to CoinGlass. More than $617 million in long liquidations were recorded, highlighting how heavily bullish traders were positioned before the sell-off. Analysts remain divided over the next move in Bitcoin price action.

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