DEX Trading Volume Hits Two-Year Low Amid Thin On-Chain Liquidity
Decentralized exchange (DEX) trading volume plummeted by 26% in July to $130.77 billion, its lowest level since September 2024. This marks a significant drop from June's $177.55 billion and is the weakest monthly reading in nearly two years.
The decline is attributed to thin on-chain liquidity, with stablecoin supply shrinking by $2.23 billion this month to approximately $308.47 billion. Despite this, total crypto market value rose by roughly $192 billion, or 11%, after dipping under $2 trillion early in the month.
K33 Research suggests that July is typically a weaker stretch for Bitcoin (BTC) trading volumes, with average daily spot volume across the market at $2.2 billion over the past 30 days.