Cryptocurrency spot trading cooled last month for the first time in seven months.
It was a trend driven by a dwindling likelihood of interest rate cuts and slower inflows into U.S.-listed spot bitcoin exchange-traded funds (ETFs), Seeking Alpha reported Saturday (May 18), citing numbers from researcher CCData.
According to that data, spot market volume on exchanges such as Coinbase, Binance and Kraken fell by 32.6% to $2.01 trillion in April, while monthly derivatives trading volume declined by 24.1% to $4.57 trillion, its first drop in three months.
“This decline followed unexpected macroeconomic data, an escalation in the geopolitical crisis in the Middle East, and negative net flows from U.S. spot Bitcoin ETFs, leading major crypto assets retracing the gains they made in March,” CCData said.
Last month also saw bitcoin drop by almost 15%, falling below $60,000 and breaking a seven-month hot…
