Centralized crypto exchange trading volumes in April were around $500 billion.
April marked the first slump in centralized crypto exchange (CEX) trading volumes in three months.
Blockchain data provider Kaiko reported that trading volumes in April were approximately $500 billion, nearly half of those recorded in March.
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It is worth noting that in 2023, March boasted the highest volumes this year, while April claimed the lowest.
Kaiko highlighted that trading volumes have returned to pre-FTX collapse levels before April's decline. However, these numbers remained above the 2020 levels.
Overall, however, the crypto market remains significantly larger than it was before the 2020 bull run.
Lars0x, a blockchain analyst, revealed that legitimate centralized exchange spot volume fell by 43.8% to $400.5 billion in April. He attributed the majority of the decrease to Binance reintroducing fees on Bitcoin (BTC) pairs.
Binance still dominates the market with a 71.6% market share and a 24-hour trading volume of approximately $10 billion, significantly larger than its closest competitor, Coinbase, with $1.1 billion.
Several crypto-related news portals reported in late April that Binance's Bitcoin balance increased by more than 50,000 BTC, or around $1.5 billion, in a month. This increase happened before the sell-off as BTC faced strong resistance just above the $30,000 level.
In recent months, US-based crypto exchange Coinbase has also experienced a decline in app downloads as trading volumes stagnate in the sideways market, according to a Yahoo News report.
The decline in centralized crypto exchange trading volumes coincides with digital asset markets retreating from their 2023 highs in mid-April. On April 16th, the total market capitalization reached an eleven-month peak of $1.34 trillion, but it has since dropped to $1.24 trillion.
In other centralized exchange-related news, the largest crypto exchange in terms of daily trading volumes, Binance, has been approaching its Japanese comeback.
