DEX Volume Sinks to Two-Year Low Amid Seasonal Slump
The spot trading volume on decentralized exchanges (DEXs) has seen a significant decline in July, falling by 26% to approximately $130.77 billion. This is the lowest monthly reading since September 2024 and spans across the 35 blockchains currently tracked.
According to Blockworks' spot DEX dashboard, the total volume for July was down from $177.55 billion in June. The figure covers combined inflows and outflows across the monitored blockchains.
The decline is not limited to DEXs alone, as centralized exchanges have also seen a thinning of liquidity. Spot volume on these platforms fell by 18.9% in the second quarter to $3 trillion.
Analysts at K33 Research attribute the drop to a seasonal pattern, describing July as the weakest stretch of the year for Bitcoin trading volumes. They note that this is a typical slowdown rather than a structural issue.