In December, the volume of spot trading on centralized crypto exchanges dropped to its lowest level since September 2024.
According to The Block, last month, centralized platforms processed crypto transactions totaling approximately $1.13 trillion. This is 32% less than November’s $1.66 trillion and 49% less than October’s figure of $2.23 trillion.
Binance claimed the largest share with a trading volume of $367.35 billion, followed by ByBit, HTX, Gate, and Coinbase.
The decline in activity on central exchanges in December mirrors a combination of seasonal sentiment and reduced volatility, as limiting factors restrained participation, stated Vincent Liou, CIO of Kronos Research. Capital outflow from exchanges and a shift towards alternative order execution venues further diminished volumes.
Decentralized exchanges also saw a decrease in activity last month, resulting in total trading volume falling to $245 billion. Uniswap maintained its market dominance with a monthly trading volume of $60 billion.
Despite the lower December volumes, the growing share of DEXes relative to CEXes reflects a structural shift towards self-custody, transparency, and capital efficiency, Liou added. Incentives for trading volume via airdrops continue to draw additional trading activity.
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