Centralized Crypto Trading Collapses as Decentralized Exchanges Soar

Centralized exchanges (CEXs) saw their spot trading volume collapse by 31.2% in July, reaching its lowest level since October 2023, at $727 billion.

In contrast, decentralized exchanges (DEXs) experienced a decline of only 9.82%, settling at $176 billion.

This disparity pushed DEXs to a record high share of combined spot volume, at 19.5%.

A closer look at the data reveals that major CEXs witnessed a 35.5% drop in spot trading volume on their platforms, while perpetual futures volume fell by 19.6%.

This suggests that spot trading was the weakest part of centralized crypto activity, whereas demand for leveraged trading proved relatively more resilient.