According to a CryptoQuant report, due to weakening market conditions and a decline in retail participation, the spot trading volume of global centralized crypto exchanges fell to $679.0 billion in April this year, hitting a new monthly low since October 2023. This represents a sharp 67% contraction from the market peak in October 2025, and a 46% year-over-year decline. Against this backdrop, professional quantitative trading teams, market makers, and institutional arbitrageurs are becoming the main forces driving the market, continuously pushing up the average trade size. In addition, major mainstream crypto exchanges are accelerating their penetration into traditional finance (TradFi); the trading volume of macro traditional financial perpetual contracts is set to experience explosive growth in 2026, and reached a peak of about $450.0 billion per month in March this year. (CryptoSlate)

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