Chiara Bianchi
The crypto market is experiencing a significant dip in trading activity, with volumes across major centralized exchanges falling to levels not seen in over half a year. Despite a temporary spike in early Aprilโfueled by market volatility following former President Donald Trumpโs tariff-related statementsโvolume has sharply declined.
According to recent data from PRIME, the seven-day moving average of trading volume on platforms such as Binance, Coinbase, and Bitfinex dropped to just $32 billion on Saturday. This marks the lowest level since mid-October 2024, and a staggering 75% decline from the $132 billion peak recorded in early December.
DEX Activity and ETF Volumes Mirror the Downtrend
Itโs not just centralized exchanges feeling the heat. Decentralized exchanges (DEXs) are also poised to close April with their lowest monthly volumes since October 2024. The declining trend appears widespread, touching various segments of the crypto trading ecosystem.
Spot cryptocurrency ETFs have seen reduced volume as well, though not as drastically. Data from SoSoValue indicates that spot Bitcoin ETF volume fell to $1.55 billion on Thursday, marking the lowest daily figure since March 25. Likewise, Ethereum ETF volume dropped to $178.76 million, its weakest since March 27.
Futures Trading Dominates as Speculation Rises
One notable shift in market behavior is the rising preference for futures contracts over traditional spot trading. Traders appear to be turning to more speculative strategies as uncertainty looms.
The 30-day moving average ratio of spot-to-futures trading for Bitcoin is currently at 0.19, suggesting that only 19% of BTC trading volume is coming from spot markets. This is the lowest spot-to-futures ratio since August 2024. For Ethereum, the ratio has dipped to 0.20, a level not seen since December 2023.
A lower spot trading ratio is often interpreted as a decline in organic buying pressure, while a rise in futures activity signals increased leveraged and speculative trading. This shift may point to market participants hedging risk or chasing short-term profits rather than long-term positions.
Solana Volume Grows as Ethereum Slips
Amid the general decline, Solana is showing signs of relative strength. Weekly exchange volume for Solana has edged higher compared to Ethereum, reversing a downward trajectory that had persisted from mid-January to mid-March.
Adding to the bullish sentiment, Solanaโs official X account recently shared that the network captured 70% of total crypto app revenue on a single day last weekโhighlighting its growing role in the broader DeFi and dApp economy.
