Cryptocurrency trading volumes cooled in April, falling for the first time in seven months, as escalating geopolitical tensions and slowing inflows of U.S.-listed spot ETFs weighed on digital asset markets.
According to a report by CCData, a London-based digital asset data provider, cumulative trading volume in the spot and derivatives markets fell 43.8% to $6.58 trillion, a sharp drop from the all-time high of $9.12 trillion set in March.
With activity in the futures and options markets falling 47.6 per cent to $4.57 trillion, derivatives again fell out of favour with investors. Meanwhile, cash market volumes fell 32.6 per cent relative to $2.01 trillion.
CCData said in a report that the decline was due to unexpected macroeconomic data, escalating geopolitical crises in the Middle East, and negative net flows of spot Bitcoin ETFs in the United States, causing major crypto assets to give up their March gains.
CCData: April trading volume was $6.58 trillion, down for the first time in seven months
2024-05-09 07:11:43
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