Crypto Trading Volume Hits Lowest Point Since 2023 as Retail Interest Fades – SpaceX IPO Stirs Speculation

TLDR

• Crypto spot trading volume on centralized exchanges fell to $679 billion in April 2026, the lowest since October 2023
• Retail interest in crypto has dropped sharply, with Google search data showing a fall to 26–30 out of 100
• Bitcoin fell below $70,000 on June 2 and briefly touched $60,000 during a recent selloff
• Spot bitcoin ETFs saw 13 straight sessions of outflows totaling $4.4 billion before a small inflow resumed
• On-chain data shows no clear evidence that crypto holders are selling to fund SpaceX IPO purchases

Crypto spot trading volume on centralized exchanges dropped to $679 billion in April 2026, the lowest monthly figure recorded since October 2023, according to CryptoQuant data cited by Wu Blockchain.

The drop comes as retail demand has pulled back across the board, with fewer buyers active in the market.

Retail Demand and Search Interest Fall Together

Global Google search interest in cryptocurrency has fallen to between 26 and 30 out of 100. That is around 70 points below the peak seen in August 2025.

When search interest falls, it usually means fewer new buyers are entering the market. This makes spot volume drop because there are simply fewer people trading.

Perpetual futures volume also declined. That tells us speculative leverage has left the market alongside spot activity.

The overall centralized exchange volume dropped around 48% from the October 2025 peak, hitting $4.3 trillion in March 2026, as reported previously.

Bitcoin has been trading under pressure. It fell below $70,000 on June 2 and was trading near $69,200, which is about 45% below its October 2025 cycle high.

Bitcoin also briefly fell toward $60,000 during a more recent selloff before recovering to around $61,000.

Coinbase Reports Losses as Exchange Revenue Takes a Hit

Lower spot volume has hit exchange revenues hard. Coinbase posted a $394.1 million loss in the first quarter of 2026, with transaction revenue falling from the year before.

Coinbase said its trading volume dropped to $202 billion from $401 billion in the same quarter a year earlier.

The company also said global crypto spot volume fell 44% during that quarter. That shows how quickly fee income can fall when trading slows.

Some exchanges are now leaning more on derivatives, stablecoins, and stock trading to offset the drop in spot crypto fees.

SpaceX IPO Speculation Does Not Show Up in On-Chain Data

Online chatter has suggested some crypto holders may be selling bitcoin to fund purchases of SpaceX shares. The SpaceX IPO is priced at a $1.8 trillion valuation and is offering up to 30% of shares directly to retail investors through platforms like Robinhood, Fidelity, and Charles Schwab.

The roadshow opened oversubscribed, with more orders than shares available, according to Bloomberg.

However, on-chain data does not support the theory that crypto is being sold to fund IPO purchases. Stablecoin outflows for USDC and Tether stayed inside their normal range since February, per CryptoQuant data.

The largest recent stablecoin outflow days were $2.5 billion in USDC on May 22 and $3.6 billion in Tether on May 20, both before the selloff began.

Bitcoin and Ethereum did see large exchange withdrawals on Friday, with 66,470 bitcoin and 2.49 million ether moving off exchanges. Outflows like these typically signal buying and self-custody, not selling.

The clearest source of real selling came from spot bitcoin ETFs, which bled for 13 straight sessions through June 3, totaling around $4.4 billion in outflows. Ether ETFs ran a 17-session outflow streak that ended the same day.

Whether any retail crypto money moved into SpaceX shares will not be clear until Robinhood releases June trading data in mid-July and Coinbase reports second-quarter results. SpaceX is set to price on June 11 and list on the Nasdaq under the ticker SPCX on June 12.

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