DEX Volume Hits Two-Year Low as Crypto Market Slows
Decentralized exchange (DEX) trading volume dropped to a two-year low in July, falling by 26% from June's numbers. Spot DEX volume stood at $130.77 billion for the month, down from $177.55 billion in June.
This marks the lowest monthly reading since September 2024 and follows a broader trend of declining volumes across the crypto market. According to Blockworks' spot DEX dashboard, daily turnover remained thin throughout July, clearing $6 billion just once on July 8 when it reached about $6.191 billion.
Stablecoin supply shrank by $2.23 billion this month even as total crypto market value climbed roughly $192 billion or 11% after dipping under $2 trillion early in the month. Tokenized stocks and on-chain FX also cooled alongside DEX trading, with on-chain foreign exchange turnover reaching $646.12 million in July against $721.42 million in June.
Analysts at K33 Research attribute the drop to a seasonal pattern, describing July as the weakest stretch of the year for Bitcoin (BTC) trading volumes. The firm's data put average daily spot volume across the market at $2.2 billion over the past 30 days.