Crypto spot volume on centralized exchanges fell to $679 billion in April 2026, the lowest monthly level since October 2023. The drop reflects a grinding bear market that has drained activity across spot and futures.

Beneath the falling totals, the market is changing shape. Trades are growing larger and more institutional, while traditional assets such as gold and oil now trade actively on crypto venues, according to a new CryptoQuant report.

The Contraction Runs Across Spot and Futures

Total spot volume has fallen sharply from its late-2024 peak near $2.6 trillion. That marks a decline of roughly two-thirds from the high. CryptoQuant ties the slide to an ongoing crypto bear market that has suppressed trading since 2025.