Crypto Liquidity Hits 2-Year Low as Spot DEX Volume Plummets
Spot decentralized exchange (DEX) trading volume has plummeted to one of its weakest levels in nearly two years, with a sharp decline that's left many wondering if crypto's liquidity is drying up.
The collapse in activity on DEXs comes as the wider crypto market continues to thin out, with the total spot DEX volume falling to around $130.77 billion - a 26% drop from June and its lowest level since September 2024.
Stablecoin supply has also shrunk by $2.23 billion this month, despite a rally in July that saw the total crypto market capitalization surge by $192 billion or 11%.
On-chain foreign exchange (FX) currency volume and tokenized stocks traded have also followed the wider market lower, with FX turnover trending downward from the start of July and tokenized equities volume declining to $1.405 billion - a slight drop from June's $3.56 billion.