Crypto exchanges are seeing the weakest retail-driven activity in years, but some of the biggest platforms are finding a lucrative new source of volume in Wall Street-style bets on gold, silver, oil, stocks, and indexes.

According to a CryptoQuant report shared with CryptoSlate, the shift is emerging during one of the weakest trading periods for centralized crypto platforms in more than two years.

Spot trading volume fell to $679 billion in April, the lowest monthly level since October 2023, as lower prices and fading retail participation reduced market activity.

At the same time, some exchanges are seeing growth in products that look less like crypto speculation and more like traditional…