Spot trading volume at Binance, the world’s largest cryptocurrency exchange, experienced a significant decline for the second consecutive month in April, dropping by 48%. This decline in volume aligns with the decreasing transaction levels witnessed across the entire cryptocurrency industry, as reported by CCData. In the past month, the trading volume plummeted to $287 billion, marking the second-lowest level since 2021. Furthermore, Binance’s market share also contracted for the second consecutive month, reaching 46%.
However, Binance is not the sole platform affected by this trend. Spot trading volume on centralized exchanges as a whole experienced a decline of 40%, reaching its lowest point since December. CCData attributed this downturn to the uncertainty prevailing in macroeconomic conditions, including the looming threats of recession and the collapse of multiple U.S. banks. These factors played a role in diminishing trading volumes throughout the industry.
Despite the decline, Binance continues to maintain its dominant position as the largest cryptocurrency exchange. Its competitors, Coinbase and OKX, ranked second and third respectively in terms of trading volume, accounted for a mere 5.60% and 5.39% of the total spot trading volume, underscoring the significant lead held by Binance.
