DEX Trading Volumes Plummet to Two-Year Low Amid Seasonal Decline

The spot trading volume on decentralized exchanges (DEX) saw a significant decline in July, reaching its lowest level since September 2024. According to data from Blockworks' spot DEX dashboard, the total volume for the month was approximately $130.77 billion, representing a 26% drop from June's figure of $177.55 billion.

This decrease marks the weakest monthly reading in nearly two years and extends a slide that started in the second quarter. The data also shows that daily turnover remained thin throughout July, with the highest recorded value being around $6.191 billion on July 8.

K33 Research analysts attribute this decline to a seasonal pattern, describing July as the weakest stretch of the year for Bitcoin (BTC) trading volumes. They note that this slowdown is typical rather than structural and cite multi-year lows in open interest on CME futures and perpetual futures open interest around 300,000 BTC.

In related news, centralized exchanges have also seen a decline in spot volume, with $3 trillion traded in the second quarter, representing an 18.9% quarterly decrease. This revenue squeeze has led to BitMEX announcing plans to wind down operations entirely by September 23.