Crypto spot volume hits 2.5-year low as big trades grow

Crypto spot trading on centralized exchanges dropped to $679 billion in April 2026, the lowest monthly total since October 2023, according to a CryptoQuant report and exchange data. Average trade sizes increased over the same period, and trading of gold, silver and oil on crypto venues rose.

Total spot volume has fallen from a late-2024 peak near $2.6 trillion, a decline of roughly two-thirds. Perpetual futures volumes also declined, and measures of leverage usage contracted as prices weakened in 2025 and 2026, the report shows. Exchange price data show Bitcoin traded near $62,000 on June 5, down from an October 2025 peak above $122,000.

The remaining spot activity concentrated on a small group of deep venues. The report and exchange figures identify Binance, Bybit, Gate and Crypto.com as the leading platforms for cumulative spot volume so far in 2026. On June 5, Binance accounted for about 23% of spot volume among top-tracked exchanges, and the five largest platforms captured close to 40% of activity.

Average Bitcoin trade sizes on spot and futures increased from 2025 onward. Gate reported the highest average trade sizes, while Kraken and OKX also posted relatively large tickets. The report attributes larger trade sizes to greater participation by institutional players.

Trading of traditional assets on crypto exchanges reached record levels in 2026. Demand focused on gold and silver, while oil futures activity rose amid the US-Iran conflict. Gate and Binance together accounted for roughly two-thirds of traditional futures volume on crypto venues, the data show. Trading continued on weekends and holidays when conventional markets are closed.

Perpetual futures liquidity was clustered on Gate, Binance, OKX and Bitget. Hyperliquid recorded rapid volume growth in the perpetual market during 2026, exchange data indicate.

The CryptoQuant report documents the decline in headline volume alongside a shift in the composition of trading toward larger institutional tickets and increased trading of traditional assets on crypto platforms.