News
Spot volumes on crypto exchanges plummet by 60% after BTC halving
After a record-breaking March led by an equally impressive performance from Bitcoin (BTC), spot volumes on the top 10 cryptocurrency exchanges fell by more than 60% in April. According to a benchmark from Finance Magnates Intelligence, their trading volume fell from $2.1 trillion in March to just under $1.3 trillion in April.
In March, volumes on the largest cryptocurrency platforms reached their highest levels in nearly four years, increasing by an average of 120%. This wave coincided with a new all-time high (ATH) for Bitcoin recorded on March 14, when the price touched $74,000, triggering significant investor activity.
In April, anticipation centered around Bitcoin’s halving, which reduced the reward for mining new BTC blocks, historically leading to sharp price increases. However, after the halving, the price fell, losing more than 16% from its high.
As a result, volumes on the main stock exchanges also decreased, with monthly drops averaging 64%. KuCoin saw the biggest decline, dropping 150% to $30 billion, and Upbit saw a 135% decline to $94 billion.
“This decline followed unexpected macroeconomic data, an escalation of the geopolitical crisis in the Middle East, and negative net flows from spot Bitcoin ETFs in the US, which led major crypto assets to retrace the gains made in March,” he said. commented CCData in its latest cryptocurrency exchange. volume report.
Binance
remains the market leader, accounting for 54% of total trading volume with $699 billion as of April 2024. ByBit secured second place with 11%, followed by OKX with 9%. This reshuffle saw Upbit fall from second to fifth place, ByBit rise to second and OKX to third.
“Spot trading volume on Binance declined, recording first drop in spot volumes,” on exchange from September 2023,” added CCData.
Annual spot volumes still increasing
Comparing April 2024 to April 2023, the results are not so bleak. Average year-over-year (YoY) volumes grew by 155%, demonstrating a robust growth trend compared to the previous year.
ByBit led the charge with a 610% increase from just under $20 billion to $138 billion over the course of the year. Huobi saw a nearly fourfold increase in spot volumes from $15 billion, and OKX volumes doubled.
“Bitcoin failed to build on the previous week’s momentum, with the price failing to reach a ‘higher high’ above the $66,800 level,” commented Simpon Peters, market analyst at eToro. “Instead, we have seen a move back towards the $60,000 mark, which has been tested on numerous occasions since March.”
After a record-breaking March led by an equally impressive performance from Bitcoin (BTC), spot volumes on the top 10 cryptocurrency exchanges fell by more than 60% in April. According to a benchmark from Finance Magnates Intelligence, their trading volume fell from $2.1 trillion in March to just under $1.3 trillion in April.
In March, volumes on the largest cryptocurrency platforms reached their highest levels in nearly four years, increasing by an average of 120%. This wave coincided with a new all-time high (ATH) for Bitcoin recorded on March 14, when the price touched $74,000, triggering significant investor activity.
In April, anticipation centered around Bitcoin’s halving, which reduced the reward for mining new BTC blocks, historically leading to sharp price increases. However, after the halving, the price fell, losing more than 16% from its all-time high.
As a result, volumes on the main stock exchanges also decreased, with monthly drops averaging 64%. KuCoin saw the biggest decline, dropping 150% to $30 billion, and Upbit saw a 135% decline to $94 billion.
“This decline followed unexpected macroeconomic data, an escalation of the geopolitical crisis in the Middle East, and negative net flows from spot Bitcoin ETFs in the US, which led major crypto assets to retrace the gains made in March,” he said. commented CCData in its latest cryptocurrency exchange. volume report.
Binance
remains the market leader, accounting for 54% of total trading volume with $699 billion as of April 2024. ByBit secured second place with 11%, followed by OKX with 9%. This reshuffle saw Upbit fall from second to fifth place, ByBit rise to second and OKX to third.
“Spot trading volume on Binance declined, recording first drop in spot volumes,” on exchange from September 2023,” added CCData.
Annual spot volumes still increasing
Comparing April 2024 to April 2023, the results are not so bleak. Average year-over-year (YoY) volumes grew by 155%, demonstrating a robust growth trend compared to the previous year.
ByBit led the charge with a 610% increase from just under $20 billion to $138 billion over the course of the year. Huobi saw a nearly fourfold increase in spot volumes from $15 billion, and OKX volumes doubled.
“Bitcoin failed to build on the previous week’s momentum, with the price failing to reach a ‘higher high’ above the $66,800 level,” commented Simpon Peters, market analyst at eToro. “Instead, we have seen a move back towards the $60,000 mark, which has been tested on numerous occasions since March.”