The cryptocurrency markets declined in April as Bitcoin and Ethereum closed the month at $37,650 and $2,727 (down 17.3% and 16.9% since March, respectively). This reflects the continued macroeconomic uncertainty following the war in eastern Europe and accelerating inflation figures across the globe.
Spot volumes on centralised exchanges increased 6.89% to $1.73tn, with a daily maximum of $80.3bn traded on April 1. Meanwhile, derivatives volumes fell 9.07% to $3.08tn, attaining a market share of 64.0%.
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Key takeaways:
- BTC spot trading into USD decreased by 25.5% to 707k in April, the lowest recorded figure for the fiat currency since August 2019. USDT remained the stablecoin with the largest BTC volume in April, with 3.18m BTC traded (down 1.37%).
- Japanese Yen (JPY) and Euro (EUR) BTC volumes also declined in April, trading 179k BTC (-19.7%) and 151k BTC (-23.3%). The fall in BTC spot volume traded into fiat currencies could be explained by the surge in popularity of stablecoins as traders and investors look to take advantage of attractive yield earning opportunities.
- In April, OKX spot market volumes reached $109bn, a 44.0% increase from the month prior. This still remains well below its all-time high volume of $283bn, recorded in April 2021. Binance retained its position as the largest exchange by volume trading $465bn, a 5.10% decrease from March.
- CME’s monthly futures volumes across BTC and ETH contracts totalled $43.9bn in April, a 14.7% increase from the month prior. This rise suggests increased activity in speculation among investors and traders during the month.
BTC Spot Trading Into USD Drops 26%
In April, BTC spot trading into USD decreased by 25.5% to 707k. This was the lowest recorded figure for the fiat currency since August 2019. USDT remained the stablecoin with the largest BTC volume, with 3.18m BTC traded (down 1.37%). The Japanese Yen (JPY) and Euro (EUR) followed USD, trading 179k (-19.7%) BTC and 151k BTC (-23.3%) respectively.
The fall in BTC spot volume traded into fiat currencies could be explained by the surge in popularity of stablecoins as traders look to take advantage of attractive yield earning opportunities.
OKX Spot Volumes Surge 44%
In April, OKX spot market volumes reached $109bn, a 44.0% increase from the month prior. However, this still remains well below its all-time high volume of $283bn, recorded in April 2021.
Binance retained its position as the largest exchange by volume trading $465bn, a 5.10% decrease from March.
CME’s ETH Futures Volumes Jump By 35%
CME’s monthly futures volumes across BTC and ETH contracts totalled $43.9bn in April, a 14.7% increase from the month prior. The volume of ETH futures traded increased by 35.3% to $12.8bn during the month.