Spot trading volume on the Binance exchange hit its lowest level since September 2023, after seven consecutive months of ascent, according to a new report from CCData.

According to a May 8 report by cryptocurrency analytics platform CCData, Binance’s spot trading volume decreased by 39.2% to $679 billion in April.

The report said the exchange’s combined market share also fell by 3.69% to 33.8% in April, recording its lowest spot market share since January 2024.

CCData highlights Binance’s decline coincided with the news that its founder and previous CEO, Changpeng Zhao, was sentenced to four months in prison for the violation of U.S. money laundering laws.

This is also evidenced in its derivatives trading volumes, which fell by 27.7% to $2.03 trillion, “leading its derivatives market share to fall to 44.4%,” CCData analysts said.

The report added,

“Overall, the combined market share of the exchange decreased by 2.41% to 41.5%.”

CCData analysts also noted that Binance experienced the largest drop in spot markets, decreasing its market dominance by 3.69% compared with March. However, the exchange saw some gains year-to-date, seeing its market share rise by 2.01% to the current value.

In January, analytics firm Kaiko reported that Binance experienced an increase in trading volume, with its market share climbing 50% within just two months of its settlement with the United States Department of Justice.

Meanwhile, the combined spot and derivatives trading volume on CEXs also fell by 43.8% to $6.58 trillion in April, as macroeconomic data, an escalation in the geopolitical crisis in the Middle East, and negative net flows affected the numbers.

Trading volume in crypto derivatives CEXs also decreased 47.5% to $4.58 trillion, which is triple the total market capitalization of all cryptocurrencies.

“The decline in derivatives trading activity follows after the Bitcoin halving event catalyst and the CPI inflation print that surprised market estimates.”

The drop in spot and derivatives trading activity also “coincides with the passing of the Bitcoin halving event, an important catalyst for institutional traders,” CCData noted. This is due to decreasing excitement around spot Bitcoin ETFs, which experienced massive outflows in April.