Centralized crypto exchanges lost 31.2% of their spot trading volume in July, falling to $727 billion and marking the lowest monthly total since October 2023. Decentralized exchanges also declined, but by a much smaller 9.82%, settling at $176 billion.
The disparity in the pace of decline pushed the DEX share of combined spot volume to a record 19.5%. According to the source data, this milestone reflects a shift in the denominator rather than an actual surge in decentralized exchange activity, since DEX volume itself also contracted during the month.
- Centralized exchanges: $727B spot volume, down 31.2% month-over-month, the weakest level since October 2023
- Decentralized exchanges: $176B spot volume, down 9.82% month-over-month, proving more resilient than centralized venues
- DEX share of combined spot volume: 19.5%, a record high
The figures indicate that nearly one in five crypto spot trades now takes place on decentralized exchanges, driven primarily by the sharper contraction in centralized exchange activity rather than growth on the decentralized side.
