Spot trading volume on centralized crypto exchanges fell to $1.13 trillion in December, the lowest level since September 2024, according to market data. The figure represented a 32% decline from November and a nearly 50% drop from October, with Binance retaining the largest share of activity among major platforms.
Decentralized exchanges also recorded weaker volumes, with monthly trading falling to $245 billion, down 20% from the prior month. Analysts cited seasonal factors, reduced volatility, and year-end portfolio adjustments as key drivers behind the broad slowdown. Capital migration away from centralized venues further weighed on activity.
Despite the pullback, decentralized platforms gained relative share, with the DEX-to-CEX volume ratio rising to nearly 18%. The shift reflects ongoing structural changes toward self-custody and on-chain execution, even as overall market participation remains cautious amid a wider crypto market consolidation.
