Spot trading volume on centralized exchanges hit a 25-month low of $951.8 billion in April 2026, a roughly 60% drop from the $2.36 trillion recorded in August 2025. Bitcoin trading in a narrow range between $60,000 and $70,000 in early 2026 has driven a significant pullback in retail trader participation. Derivatives now account for over 70% of total CEX activity, indicating that institutional and professional traders dominate over retail speculators. Binance remains the market leader with 26.5% market share and $252.6 billion in monthly volume, while Coinbase climbed to fourth place globally with $50.4 billion. Thinner order books mean larger price impact for significant trades, creating conditions for outsized liquidation cascades when volatility eventually returns.
Source: Read the original article
