DEX Spot Trading Volume Hits Two-Year Low
Decentralized exchange (DEX) spot trading volume plummeted 26% in July to $130.77 billion, marking its lowest level since September 2024, according to data from Blockworks' spot DEX dashboard.
The decline is the weakest monthly reading in nearly two years, and it comes as total crypto market value climbed roughly $192 billion, or 11%, after dipping under $2 trillion early in the month.
K33 Research attributed the drop to a seasonal pattern, describing July as the weakest stretch of the year for Bitcoin trading volumes, a slowdown they described as typical rather than structural.
Stablecoin supply shrank by $2.23 billion this month, sliding to about $308.47 billion on DeFiLlama's tracker, while tokenized stocks and on-chain foreign exchange turnover also cooled down.