Spot activity has been fading for months, and April’s numbers show that trend is becoming harder to ignore. After peaking near $2 trillion in October 2025, monthly spot volume steadily declined until reaching roughly $679 billion, the weakest reading since October 2023.

The decline suggests traders are becoming less interested in outright asset ownership. Instead, a larger share of activity is moving toward futures and perpetual markets, where capital can remain active without committing fully to spot positions.

That shift explains why spot liquidity continues thinning despite ongoing market participation. Traders have not disappeared from the market. Rather, they appear increasingly focused on leveraged exposure while…