CoinGecko's latest report highlights a significant trend in the cryptocurrency market: a 16.3% drop in spot trading volume across the top 10 centralized exchanges (CEX) during Q1. Totaling $5.4 trillion, this decline signals a shift compared to the previous quarter. Binance Dominates Despite Market Dip Despite the overall downturn, Binance continues to lead the pack, holding a commanding 40.7% market share as of March. The exchange increased its dominance throughout the quarter, solidifying its position as a major player. HTX Defies the Trend; Upbit Suffers Biggest Loss Interestingly, HTX (formerly Huobi) was the only major exchange to experience an increase in trading volume during Q1. Conversely, Upbit faced the largest decrease, with its volume plummeting by 34.0%, from $561.9 billion to $371 billion. Other exchanges also saw declines, ranging from 1.8% to 34.0%. Bybit's trading volume also decreased significantly in March following a hacking incident. ```