Spot activity has been fading for months, and April’s numbers show that trend is becoming harder to ignore. After peaking near $2 trillion in October 2025, monthly spot volume steadily declined until reaching roughly $679 billion, the weakest reading since October 2023. The decline suggests traders are becoming less interested in outright asset ownership. Instead, a larger share of activity is moving toward futures and perpetual markets, where capital can remain active without committing fully to spot positions.