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Crypto Exchanges See Growing Interest in Futures on Traditional Financial Assets
Total spot trading volume on centralised crypto exchanges fell to $679 billion in April. This was the lowest monthly figure since October 2023, according to analysts at CryptoQuant.
The decline in activity was caused by the prolonged bearish trend in the crypto market. Binance, Bybit, Gate and Crypto.com held the leading positions by total spot trading volume, the analysts said. Demand for Bitcoin continues to decline, but CryptoQuant sees a surge of interest in perpetual futures on traditional financial assets on crypto exchanges. Most major exchanges are seeking to diversify their business, the experts explained.
This refers to rising demand for gold, silver and oil amid the US war with Iran. Traditional finance and cryptocurrencies are becoming increasingly intertwined, so investors have begun using crypto exchanges more often to access macro assets.
“Gold and silver reached record highs amid persistent inflation concerns, global stock markets rose to new highs thanks to the development of artificial intelligence, and oil prices jumped after the conflict between the United States and Iran escalated. As a result, traders increasingly turned to crypto exchanges to gain access to 24/7 markets,” CryptoQuant specialists said.
Gate ranked first by trading volume in perpetual futures on traditional assets, with $368 billion. Binance, the world’s largest crypto exchange, accounted for $298 billion. Gate and Binance processed almost two-thirds of the total trading volume in such futures since the beginning of the year. Gate leads thanks to tokenised stocks, metals and round-the-clock derivatives trading. MEXC, Bitget and Bybit are also present in this market, but with smaller shares.
Gate also leads in activity among large Bitcoin investors. The average spot Bitcoin trade size on the exchange is $4000, although last year this figure stood at $6200. In the perpetual futures market, Gate also leads with an average trade size of $8900, CryptoQuant analysts clarified.
Recently, CryptoQuant Head of Research Julio Moreno noted that Bitcoin had reached the lowest point of the bearish trend in the crypto market, while demand for the coin had fallen to the lowest level of the current cycle.
