CryptoQuant: Spot Trading Volume Falls To Lowest Level Since 2023 As Bear Market Weighs On Exchange Activity
CryptoQuant’s newest market evaluate factors to a pointy cooling in crypto buying and selling exercise, with whole spot quantity on centralized exchanges dropping to $679 billion in April 2026, the weakest month-to-month studying since October 2023.
The decline displays the persistent stress of the bear market, which has continued to suppress participation throughout each spot and derivatives markets. So far this yr, Binance, Bybit, Gate, and Crypto.com have recorded the best cumulative spot volumes, whereas perpetual futures turnover has weakened alongside softer costs and decreased leverage demand.
The report additionally notes that common Bitcoin commerce sizes in each spot and futures markets place Gate on the forefront of institutional-style exercise, persevering with an upward pattern that started in 2025 and prolonged into 2026. Kraken and OKX additionally rank close to the highest in common commerce dimension, suggesting they continue to be vital venues for bigger Bitcoin orders.
Liquidity stays concentrated amongst a comparatively small variety of exchanges. Binance and Gate lead in spot market depth, whereas Gate, Hyperliquid, Binance, OKX, and Bitget dominate perpetual futures liquidity. Gate continues to indicate among the deepest order books throughout each segments, whereas Hyperliquid has emerged as a powerful competitor within the perpetual futures market.
Crypto exchanges are additionally seeing document exercise in TradFi perpetual futures throughout 2026, largely pushed by elevated curiosity in gold and silver publicity. Oil buying and selling has additionally accelerated amid the US-Iran battle. Gate and Binance account for round two-thirds of whole TradFi futures quantity, underscoring the rising overlap between conventional and digital markets as merchants more and more use crypto platforms to entry macro belongings at any hour.
Bitcoin Price Volatility Triggers Major Liquidations as Market Outlook Remains Uncertain
Market volatility intensified earlier within the day when Bitcoin briefly fell towards the $60,000 stage, triggering greater than $600 million in lengthy liquidations and renewing debate over whether or not the most recent rebound marks a sturdy flooring or just a short-term restoration after extreme leverage was cleared. BTC dropped to about $61,300 on Thursday earlier than climbing again above $62,000. At the time of writing, it was buying and selling close to $62,577, in response to CoinMarketCap.
Over a 24-hour interval, greater than $737 million in BTC positions have been liquidated, with lengthy positions accounting for almost all of losses, in response to CoinGlass. More than $617 million in lengthy liquidations have been recorded, highlighting how closely bullish merchants have been positioned earlier than the sell-off. Analysts stay divided over the following transfer in Bitcoin worth motion.
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