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Bitpanda is promoting a bullish outlook despite recent headwinds in the crypto industry following a five-month rally that tripled Bitcoin’s value. In April, trading volumes on crypto exchanges fell for the first time in seven months, according to CCData.

Spot trading volume on so-called centralized exchanges excluding Robinhood, such as Coinbase, Binance and Kraken, tumbled 32.6% to $2 trillion last month, according to data from researcher CCData.

Spot trading volume on so-called centralized exchanges such as Coinbase Global, Binance and Kraken tumbled 32.6% to $2 trillion last month, according to data from researcher CCData. Derivatives trading volume also declined for the first time in seven months, falling by 26.1% to $4.57 trillion.

“Consistent with patterns observed in the last two cycles, trading activity on centralized exchanges typically slows in the two months following the Bitcoin halving event,” said Jacob Joseph, a research analyst at CCData. “Moreover, the higher-than-anticipated CPI inflation data and the escalation in the geopolitical tension in the Middle East have pushed some uncertainty and fear into the market. This coincides with the negative net flows from the spot Bitcoin ETFs, driving the price of major crypto assets to their range lows.”

Data from CCData shows that Binance continues to account for the larger part of the spot volume across centralized exchanges despite its share decreasing by 3.69% in April to 33.8%.

After spot volumes on centralized crypto exchanges more than doubled in March to reach nearly $2.5 trillion, they then fell in April to $1.6 trillion, according to The Block Data Dashboard. The last month-to-month decline occurred in September 2023. This matches trends found by analytics firms such as CCData, which also observed declines in spot volume for the first time in seven months.