Crypto exchange volume falls to 15-month low in December
December's monthly spot trading volume on centralized crypto exchanges fell to the lowest level since September 2024.According to The Block's data, centralized platforms processed around $1.13 trillion in crypto transactions last month. This marks a 32% drop from November's $1.66 trillion and a 49% decrease from October's $2.23 trillion.Out of the $1.13 trillion total, Binance accounted for the largest share with $367.35 billion in trading volume, followed by ByBit, HTX, Gate, and Coinbase."December's decline in CEX activity reflects a convergence of seasonal sentiment, suppressed volatility, and year-end positioning, as limited catalysts kept participation muted," said Vincent Liu, CIO of Kronos Research. "Capital migration off exchanges and a shift toward alternative execution venues further dampened volumes."Decentralized exchanges also saw a pullback in activity last month, with total trading volume falling to $245 billion. That figure represents a 20% drop from November's $306 billion and a 46% decline from October's $451.2 billion. Uniswap maintained its market dominance with a monthly trading volume of $60 billion.Still, the ratio of DEX-to-CEX trading volume increased, reaching 17.95% in December, up from 15.92% in November and 10.32% in December 2024."Despite softer December volumes, the rising DEX-to-CEX share reflects a structural shift toward self-custody, transparency, and capital efficiency," Liu said. "Improved on-chain execution, alongside new DEX launches offering airdrop-driven volume incentives, continues to attract incremental trading activity."The overall decline in exchange trading volumes concurred with a market-wide correction that has extended into the new year. Bitcoin was trading at $89,010 at the time of writing, up 1.61% in the past 24 hours but down about 30% from its all-time high in October."Bitcoin is consolidating near $87K–$89K, with muted volatility and a neutral-to-bearish short-term bias, while long-term holders continue to accumulate on dips," Liu added. "The broader crypto market remains range-bound, though selective altcoins tied to AI and RWA narratives offer targeted opportunities. Structural shifts, including growing DEX adoption and incentive-driven flows, point to cautious yet opportunistic participation."Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.