Author：Xiaoyang scallion circle

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."