Cryptocurrency trading activity has contracted sharply across both centralized and decentralized platforms, reflecting a broad market cooldown. Data from analytics firm Artemis shows spot trading volume on major centralized exchanges (CEXs) plummeted 74% year-over-year compared to the same period last year, when activity peaked. The decline, reported by Cointelegraph, highlights a significant pullback from previous speculative highs.
Binance remains the dominant force in spot trading, followed by Coinbase, Bybit, and Gate. However, the downturn hit smaller and mid-sized exchanges disproportionately, with steeper volume losses suggesting a flight to liquidity and perceived safety among traders. Consolidation onto the most established platforms during this low-enthusiasm phase could lead to lower liquidity and wider spreads on smaller venues, analysts warn.
Meanwhile, decentralized exchange (DEX) volumes also weakened. According to on-chain data, DEX spot trading fell 6.65% and perpetual trading dropped 14.9% from the previous week. The cooling is accompanied by a cautious shift among institutional players: public companies reduced their Bitcoin holdings by a total of 360 BTC over the same period, signaling a risk-off approach. In contrast, Bitmine purchased 9,946 ETH, indicating selective accumulation.
Stablecoin supply showed a slight expansion, with the total market cap rising by $113.2 million, offering a modest liquidity buffer. Still, the overall picture—plunging CEX volumes, declining DEX activity, and institutional BTC sales—paints a market increasingly defined by consolidation and defensive positioning. Traders are closely monitoring whether these trends will trigger further price pressure or a potential recovery.
