According to the latest CryptoQuant report, analysts have identified a significant increase in perpetual futures activity in traditional finance (TradFi) even as the demand for bitcoin (BTC) remains subdued. Despite this contraction, recent trade sizes indicate notable institutional participation in the market. The report highlights that the uptick in TradFi futures is particularly evident on crypto exchanges, with Gate and Binance at the forefront of this trend. Many exchanges are expanding their offerings beyond cryptocurrencies, engaging in trading related to precious metals. CryptoQuant attributes the rise in TradFi perpetual futures to a growing appetite for assets such as gold, silver, and oil, driven by escalating geopolitical tensions involving the U.S. and Iran. This trend emphasizes the increasing overlap between traditional and cryptocurrency markets, with traders utilizing crypto platforms to access macroeconomic assets. Gate leads in this convergence, reporting $368 billion in TradFi perpetual futures volume, followed closely by Binance with $298 billion; together, they account for approximately two-thirds of the total TradFi futures volume this year. Although other exchanges like MEXC, Bitget, and Bybit also participate, Gate maintains its leadership through investment in tokenized assets, metals, and 24/7 derivatives markets. Analysts note, “With gold and silver seeing record price highs due to ongoing inflation concerns, and coupled with AI-driven rallies in global equities, traders are increasingly using crypto exchanges for continuous trading opportunities.” As TradFi futures trading thrives, spot trading volumes on centralized exchanges have decreased, plummeting to $679 billion in April 2026, marking the lowest level since October 2023. This downturn is attributed to a bear market trend, with simultaneous declines in perpetual futures volumes and reduced leverage demand. Top platforms by cumulative spot volume for 2026 include Binance, Bybit, Gate, and Crypto.com. Interestingly, Bitcoin liquidity remains concentrated among a select group of exchanges, with Binance and Gate leading in spot market depth, while Gate, Hyperliquid, Binance, OKX, and Bitget head the perpetual futures liquidity rankings. Additionally, Gate has emerged as the leader in institutional BTC activity, evident from trade sizes in both spot and futures markets, boasting the highest average Bitcoin spot trade size at $4,000, following a peak of $6,200 last year. In the perpetual futures domain, Gate also commands a leading position with an average trade size of $8,900, continuing its growth trajectory from the previous year.
