Cryptocurrency trading volume at lowest in 6 months…Shift towards futures trading
In Early April, President Donald Trump's tariff imposition announcement shocked the market and temporarily revitalized the cryptocurrency market, but the effect did not last long. The trading volume of major cryptocurrency exchanges sharply declined afterward, falling to the lowest level in the last six months.
According to the blockchain specialist media The Block, the seven-day average trading volume of major exchanges, including Binance, Coinbase, and Bitfinex, was approximately $32 billion as of the 20th. This is the lowest level since mid-October of last year and a reduction of more than 75% compared to the peak recorded in early December last year of $132 billion. Decentralized exchange (DEX) trading volume also followed the same trend, and the April figures are expected to record the lowest since October 2023.
This downward trend is also evident in the cryptocurrency exchange-traded fund (ETF) market. According to the cryptocurrency analysis platform SOSO Value, the trading volume of the Bitcoin spot ETF traded on the 24th was about $1.555 billion, the lowest since March 25, and the Ethereum spot ETF trading volume was also $178.76 million, marking the lowest since March 27.
The overall trading sentiment in the market is gradually becoming more conservative. Among traders, the share of relatively speculative futures trading is increasing, while spot trading is decreasing. The 30-day moving average trading volume ratio between Bitcoin spot and futures is currently 0.19, accounting for only 19% of the futures trading volume. This is the lowest since early August 2024. Ethereum also saw the same ratio drop to 0.20, showing the lowest level since December 2023.
The low proportion of spot trading means that the market is being led by leverage-based trading that bets on price volatility rather than actual demand for tokens. This indicates that the recent cryptocurrency market is leaning more towards speculation than real demand.