Centralized Crypto Exchange Trading Volume Plummets in April
New data reveals a significant drop in the overall trading volume of centralized crypto exchanges (CEXs) in April after six consecutive months of gains. Blockchain tracker CCData reported a 43.8% decrease in the combined volume of spot market and derivatives trading on CEX platforms, totaling $6.58 trillion.
Key Findings by CCData
- The total volume in April 2024 is higher than any month in 2023 except for December.
- Leading CEXs like Binance, Bybit, and OKX experienced the most substantial decline in volume.
Top Exchanges Hit Hardest
According to CCData, Binance, as the largest Top-Tier spot exchange among AA-A graded platforms, saw a 39.2% decrease in volume, trading $679 trillion. Bybit traded $133 billion (down 26.9%), followed by OKX with $126 billion (a decline of 34.8%).
Performance by Sector
- Metaverse gaming, AI, and meme tokens registered double-digit returns in April.
- Metaverse/Gaming led with a 32.4% rise in returns from the previous month.
Returns by Sector
- Metaverse/Gaming: 32.4%
- Meme: 16.2%
- AI: 17.4%
- Layer-1: 7.1%
- DeFi: 6.7%
- Staking: 4.0%
- ExchangeToken: 3.5%
- Infrastructure: 1.6%
- Layer-2: -4.2%
Hot Take: Centralized Exchange Volume Takes a Hit
The decline in trading volume for centralized crypto exchanges in April raises concerns after months of consistent growth. This shift may indicate changing market dynamics and investor behavior, impacting the broader crypto landscape.
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