March marked a period of slowing activity for crypto markets, particularly on centralized exchanges. While overall trading volume dropped, derivatives remained more resilient, contracting only 5% compared to the broader decline in spot trading. The market saw a notable shift in trading flows with increased interest and activity on derivative exchanges like Kraken, while spot trading volumes continued to shrink. Binance stood out as a major driver of activity, handling considerable inflows and robust liquidity across both crypto and derivatives markets. The article delves into the details of these market trends, examining key factors contributing to this landscape change.