April 2024, the monthly trading volume for cryptocurrencies experienced a significant drop, marking the first decline in seven months. The total trading volume decreased to $6.58 trillion, with the spot market volume suffering a relatively measured drop of 32.6% to $2.01 trillion. This decline was attributed to unexpected macroeconomic data, an escalation in the geopolitical crisis in the Middle East, and negative net flows from U.S. spot bitcoin ETFs