April 2026 continued the broader cooldown across crypto trading volumes, with Spot CEX, Futures, and Perp DEX activity all remaining below previous peak levels. In this recap, we break down how trading volumes evolved across centralized spot exchanges, futures markets, and onchain perpetual DEXs throughout the month, while also comparing current activity with previous cycle highs and longer-term market structure trends.
April 2026 continued the broader cooldown across crypto trading volumes, with Spot CEX, Futures, and Perp DEX activity all remaining below the elevated levels seen during the Q4 2025 rally. While derivatives continued dominating overall trading activity, volumes across both centralized and decentralized venues stayed…
