Crypto spot volume falls to 2.5-year low; gold, oil trading up

Spot trading on centralized crypto exchanges dropped to $679 billion in April 2026, the lowest monthly total since October 2023, a CryptoQuant report shows.

Total spot volume has fallen from a late-2024 peak near $2.6 trillion, roughly a two-thirds decline. Perpetual futures volumes declined in parallel as traders reduced leverage and exposure. The report attributes the contraction to a bear market that has suppressed trading since 2025. Bitcoin traded near $62,000 on June 5, down from an October 2025 peak above $122,000.

Remaining volume is concentrating on a small group of deep venues. CryptoQuant and CoinGecko data show Binance, Bybit, Gate and Crypto.com led cumulative spot volume so far this year. On June 5, Binance accounted for about 23% of tracked spot volume and the five largest exchanges together handled close to 40% of daily spot volume.

Average trade sizes have increased on both spot and futures markets since 2025. Gate registered the largest average trade sizes at the margin, with Kraken and OKX also ranking highly. Exchanges with deeper order books hosted the larger tickets, while smaller retail activity declined alongside falling prices.

Trading of traditional assets on crypto platforms reached record levels in 2026. Demand focused on gold and silver, and oil futures activity rose after the US-Iran conflict. Gate and Binance together represented roughly two-thirds of traditional futures volume on crypto venues. Market participants used crypto exchanges for round-the-clock macro exposure, including weekends and holidays.

In perpetual futures, liquidity remained clustered on Gate, Binance, OKX and Bitget, with Hyperliquid showing fast growth in that market. The report documents a reduction in leverage appetite and a concentration of liquidity at venues that can execute larger orders.

The data show lower total trading volumes since late 2024, higher average ticket sizes and a larger share of traditional-asset trading on crypto exchanges in 2026.