Crypto exchange volume falls to 6-month low as traders flee spot for futures
Quick Take Crypto exchange activity is dropping across both centralized and decentralized exchanges, according to The Block’s data. Spot trading is at its lowest level relative to futures trading since August 2024 for Bitcoin and December 2023 for Ethereum. Solana is seeing a slight uptick in exchange volume compared to Ethereum.
Despite an uptick in activity at the beginning of April, likely due to the market turmoil caused by President Trump's tariff announcements, volumes on major crypto exchanges have dropped to six-month lows in recent days, The Block's data shows.
The seven-day moving average of volume across exchanges like Binance, Coinbase, Bitfinex, was just over $32 billion on Saturday, the lowest such value since mid-October, 2024. That value has dropped over 75% from its high of $132 billion in early December, 2024. April's DEX volume will also likely clock in at its lowest value since October of last year .
Even crypto ETFs are seeing declining volume, though not to the same extent. According to SoSoValue data , the $1.55 billion in spot Bitcoin ETF volume traded on Thursday (as markets were closed on Good Friday) was the lowest such value since Mar. 25, while the $178.76 million in spot Ethereum ETF volume was the lowest such value since Mar. 27.
Traders flee spot for futures
In addition, traders appear to be doing less spot trading compared to more speculative futures trading.
The 30-day moving average ratio of spot BTC trading to futures trading has likewise dropped recently; its current value of .19, or 19% as much spot volume as futures volume, is the lowest such value since early August, 2024. The same ratio for ETH trading is at .20 — its lowest value since December 2023, according to The Block's data .
A higher spot trading proportion indicates more real demand from users for crypto tokens; a lower value, like the values seen recently, indicate that more trading is occurring in futures markets, likely more speculative and leveraged trading compared to spot.
Solana has been seeing a slight uptick in weekly exchange volume compared to Ethereum, reversing a declining trend that lasted from mid-January to mid-March, The Block's data shows. Solana's X account recently boasted that the network brought in 70% of crypto app revenue on one day last week.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Stablecoin Legislation Booms Globally, Why Is China Taking the Opposite Approach? An Article to Understand the Real National Strategic Choices
Amid the global surge in stablecoin legislation, China has chosen to firmly curb stablecoins and other virtual currencies, while accelerating the development of the digital yuan to safeguard national security and monetary sovereignty. Summary generated by Mars AI. This summary is produced by the Mars AI model and its accuracy and completeness are still being iteratively improved.
Liquidity migration begins! Japan becomes the Fed's "reservoir," 120 billions in carry trade returns set to ignite the December crypto market
The Federal Reserve has stopped quantitative tightening and may cut interest rates, while the Bank of Japan plans to raise rates, changing the global liquidity landscape and impacting carry trades and asset pricing. Summary generated by Mars AI. This summary is produced by the Mars AI model, and the accuracy and completeness of its content are still under iterative improvement.
Weekly Hot Picks: Bank of Japan Sends Strongest Rate Hike Signal! Is the Copper Market Entering a Supercycle Rehearsal?
The leading candidate for Federal Reserve Chair is being questioned for potentially "accommodative rate cuts." Copper prices have reached a historic high, and a five-hour meeting between the United States and Russia ended without results. Expectations for a Japanese interest rate hike in December have surged, and Moore Threads' stock soared more than fivefold on its first day... What market moves did you miss this week?
Monad Practical Guide: Welcome to a New Architecture and High-Performance Development Ecosystem
This article will introduce some resources to help you better understand Monad and start developing.
Trending news
MoreCrypto prices
More
