Most CEXs just posted a red month for spot trading are users finally shifting how they trade?

[Macjaja64]

Went through the April spot volume stats and the pullback is hard to ignore. Binance down 17%, Coinbase off by 13%, OKX and MEXC also red. Overall, spot activity dropped over 12%, while derivatives trading quietly climbed 7%.

Feels like something’s changing. Are traders losing interest in spot altogether? Or is this just a breather before the next run?

Funny enough, one of the few exceptions was Bitget they somehow managed a slight uptick while everyone else was bleeding. Might just be luck or timing, but it stood out.

Also saw Gate posted solid gains (+14%) which caught me off guard. Maybe they ran a campaign or drew in some volume from elsewhere?

Anyway, curious what everyone thinks, is this a temporary lull or part of a bigger behavioral shift in how people approach CEXs and market structure?