CryptoQuant data shows that in April 2026, the spot trading volume on centralized crypto exchanges fell to $679 billion, the lowest monthly level since October 2023. The market cooling is not only reflected in price declines, but also in insufficient buying interest and a significant decrease in retail user participation.
Both spot and perpetual trading slowed down.
This decline occurred after the peak at the end of 2025. Data cited in the report shows a significant drop in spot market trading volume, reflecting a decrease in traders' willingness to participate in risky assets.
Trading volume in perpetual contracts also declined, indicating that highly leveraged speculative funds are withdrawing. The simultaneous cooling of both spot and derivatives markets suggests that market activity is not weak in a single sector, but rather contracting overall.
Previously, the total trading volume of centralized exchanges had already shown a significant decline. crypto.news previously reported that from its peak in October 2025 to March 2026, the trading volume of centralized exchanges had decreased by approximately 48%, to $4.3 trillion.
Retail attention continues to decline
Weakened retail demand is a key factor contributing to this decline in transactions. The report also noted that global Google search interest in cryptocurrencies has dropped to 26-30, approximately 70 points lower than the peak in August 2025.
A decline in search activity typically indicates a decrease in new user attention, which weakens natural buying and selling demand in the spot market. The article points out that this also suggests the correlation between price movements and public attention is weakening in this cycle.
The decline in Bitcoin prices further dampened trading activity. Crypto.news previously reported that Bitcoin fell below $70,000 on June 2nd, trading around $69,200 at one point, approximately 45% lower than its cycle high in October 2025.
In an environment of price pressure and decreased attention, users will reduce their buying, selling, and portfolio adjustments, making spot transactions more likely to decline.
Exchange revenue under pressure
The slowdown in spot trading has already impacted platform operations. The report mentions that Coinbase recorded a loss of $394.1 million in the first quarter, with trading revenue declining year-over-year.
The company reported a trading volume of $202 billion for the same period, down from $401 billion in the same period last year. Coinbase also stated that global cryptocurrency spot trading volume declined by 44% in the quarter.
This reflects the exchanges' continued high sensitivity to market cycles. Platforms reliant on transaction fees will feel the pressure more quickly once spot trading declines.
In this environment, some exchanges are shifting their focus more towards derivatives, stablecoins, stock trading, and other services to reduce their reliance on cryptocurrency spot transaction fees.
