According to a report by Coinpost.jp citing data analytics firm CryptoQuant, the spot trading volume on centralized cryptocurrency exchanges (CEXs) has fallen sharply since April 2026, dropping to $679 billion. This represents the lowest level since October 2023 and reflects a clear suppression of overall market activity in the crypto spot sector.
Spot Trading Hits Nearly Three-Year Low as Market Sentiment Cools
The $679 billion monthly spot volume recorded by CryptoQuant not only marks a fresh low for recent months but also matches the sluggishness last seen in the bear market depths of October 2023. At that time, Bitcoin was trading below $30,000, yet now, despite prices recovering significantly, the turnover rate has plunged to similar lows. This suggests that market participants have become increasingly cautious, opting to hold assets rather than actively trade them. The decline in spot activity highlights a broader hesitation in committing capital directly to crypto assets amid uncertain macro and regulatory conditions.
TradFi Perpetual Futures Surge to a Record $450 Billion in March
In stark contrast to the subdued spot market, trading in traditional finance (TradFi) perpetual futures has skyrocketed. CryptoQuant's data shows that in March, the total volume for such contracts reached approximately $450 billion, an all-time high. Perpetual futures are derivative instruments that never expire and are tethered to spot prices via a funding rate mechanism, allowing traders to gain leveraged exposure without physical settlement. The surge indicates that a large portion of market flows is now directed toward leveraged bets on commodities like gold and silver, executed directly on crypto exchanges.
CryptoQuant analysts note that traders are increasingly turning to cryptocurrency exchanges to access a broader universe of assets. Beyond digital currencies, these platforms now enable participation in futures contracts for traditional assets such as precious metals. This cross-asset trading demand helps explain why, even as crypto spot volumes decline, the overall exchange ecosystem is undergoing a structural shift rather than a uniform contraction.
Gate and Binance Command Two-Thirds of the TradFi Futures Market
Within this burgeoning segment, the top exchanges have carved out dominant positions. Gate and Binance together capture nearly two-thirds of the TradFi perpetual futures market share, underscoring their success in expanding product offerings and capturing commodity-trading demand. The strong foothold of these platforms highlights the importance of early mover advantage and deep liquidity pools. As more exchanges race to launch similar derivative products, Gate and Binance's leading roles appear increasingly entrenched, while commodity-linked trading becomes a new growth engine for the industry.