Cryptocurrency exchange trading volume doubled in just five days last week, climbing to $37 billion off a yearly low, according to data from The Block. The rebound remains well below the 12-month high of $105 billion set shortly after the October 10 liquidations, but it marked a sharp reversal in short-term activity.
Monthly figures tell a more cautious story. August has produced roughly $490 billion in spot centralized exchange volume so far, compared with $670 billion in July. That gap suggests the five-day spike, while notable, has not yet translated into a sustained recovery in participation.
Price action supported the pick-up in activity. Bitcoin rose more than 23% last week and Ethereum gained over 30% in what was described as one of the most violent bullish moves in more than a year. The broader altcoin market, measured by total crypto market capitalization excluding BTC and ETH, advanced about 13% over the same period.
The Block’s analysis highlights a structural shift in this cycle: spot crypto ETFs now absorb some demand that previously flowed through centralized exchanges. The growth of exchange-traded funds and digital asset treasuries may create a headwind for CEX volume because TradFi instruments offer additional derivatives, optionality, and integration with existing TradFi infrastructure. Even so, demand for most altcoins continues to favor CEXs, where listing speed, trading pair depth, and tools for smaller-cap tokens remain difficult for ETF and treasury structures to replicate.
A third force is also pulling volume from centralized venues. The rising adoption of decentralized exchange options such as Hyperliquid and Lighter may divert further activity away from centralized counterparts. If market growth continues at its current pace, the report concludes, all venues and instruments could benefit from the broader race to accumulate tokens.
