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According to CryptoBriefing, CryptoQuant data shows that the spot trading volume of centralized cryptocurrency exchanges (CEX) in April was $679 billion, the lowest level since October 2023, a year-on-year decrease of 46%, and a decrease of about 67% from the peak in October 2025. The trading volume of perpetual futures has decreased by 53% compared to the high point in October 2025. Positive liquidity is concentrated on top platforms such as Binance, OKX, Coinbase, Kraken, and Bybit.