DEX Volume Hits Two-Year Low Amid Seasonal Decline

Decentralized exchange (DEX) trading volume fell to its lowest point in nearly two years, according to recent data. The combined spot DEX volume for July came in at approximately $130.77 billion, a 26% drop from the previous month's $177.55 billion.

This marks the weakest monthly reading since September 2024, and it's not just DEXs that are seeing a decline. Centralized exchanges have also seen a significant drop in spot volume, falling to $3 trillion in the second quarter, an 18.9% quarterly decline.

K33 Research analysts attribute this downturn to a seasonal pattern, describing July as the weakest stretch of the year for Bitcoin trading volumes. The firm's data shows average daily spot volume across the market at around $2.2 billion over the past 30 days, with open interest on CME futures near multi-year lows and perpetual futures open interest around 300,000 BTC.

Stablecoin supply has also contracted by $2.23 billion this month, sliding to about $308.47 billion on DeFiLlama's tracker. Total crypto market value moved the other way, climbing roughly $192 billion, or 11%, after dipping under $2 trillion early in the month.