Crypto Trading Shifts as Centralized Exchanges Lose Ground

Centralized crypto exchanges (CEXs) saw their spot trading volume collapse to $727 billion in July, down 31.2% from the previous month and marking the lowest monthly total since October 2023.

Meanwhile, decentralized exchanges (DEXs) also experienced a decline in trading volume, but at a slower pace of 9.82%, settling at $176 billion.

This gap pushed DEXs to a record 19.5% share of combined spot volume, according to data from CryptoRank.

The collapse in CEX spot volume was particularly pronounced, with major exchanges seeing a 35.5% month-over-month decline in spot trading activity.

Robinhood's app recorded $18 billion in crypto trading for the second quarter, down 35% year over year, while equity notional volume on the same platform jumped 85% and options activity rose 50%.