CEX Spot Trading Volume Falls to Lowest Since October 2023

Spot trading volume on centralized cryptocurrency exchanges has fallen sharply to its lowest level since October 2023.

CryptoSlate reported on June 6, citing a CryptoQuant report, that spot trading volume on centralized exchanges totaled $679 billion in April. That marked the lowest level since October 2023.

The report showed April spot volume fell 46% from a year earlier and was down 67% from its peak in October 2025. Perpetual futures volume, a key crypto-market derivative, also dropped 53% from its high.

Trading activity is slowing noticeably in both spot and derivatives markets, CryptoQuant said. It added that weaker retail investor participation appears to be a main driver of the decline in volume.

Major exchanges are seeking new revenue streams in response to the drop in trading. Binance, Gate and other leading platforms are expanding perpetual futures products tied to traditional financial assets such as gold, silver, crude oil, stocks and equity indexes, the report said.

Trading in perpetual futures linked to traditional financial assets is also growing rapidly. CryptoQuant said volume for those products on crypto exchanges reached about $450 billion in March 2026. At the peak, gold- and silver-linked products accounted for more than 90% of total trading volume.

The report said crypto exchanges are expanding beyond simple digital-asset trading platforms into traditional financial derivatives markets.