Spot volume on crypto exchanges drops to lowest point since 2023

The total spot trading volume on centralised crypto exchanges reached a low of $679 billion in April. That is the lowest level since October 2023 and a staggering 67% drop from the peak in October 2025. At the same time, major exchanges are seeking new revenue streams outside traditional crypto trading.

Spot volume plummets 67% from the peak

According to a report by CryptoQuant, as reported by WuBlockchain, spot volume in April fell 46% year-on-year. Compared with the record high of $2 trillion in October 2025, the decline is as much as 67%. Perpetual futures volume is also down sharply: it has fallen 53% from its peak.

The cause lies largely in declining retail activity. Retail investors are less active on crypto exchanges, which is directly visible in the trading figures. It is a trend that has been developing for some time and is now really making its mark on monthly volumes.

Exchanges focus on gold, oil and equities

To offset the declining crypto trading, exchanges such as Binance and Gate are broadening their offerings toward traditional financial markets. They are introducing so-called TradFi-style perpetual products linked to commodities like gold and silver, as well as oil, equities and indices. Gate is making significant strides in this area, as also shown by recent figures on stock trading volume on that platform.

The monthly TradFi perpetual volume on crypto platforms reached approximately $450 billion in March 2026. Gold and silver are the absolute leaders: together, these two contracts account for more than 90% of volume in the peak month. For Binance and other major players, this is a clear strategic shift. In a market where retail investors are less active, platforms are seeking growth outside the traditional crypto segment. Whether this strategy will pay off in the long run remains to be seen, but the figures show that demand for these products is growing rapidly.