In December, spot trading volumes on centralized cryptocurrency exchanges fell to their lowest level in 15 months, retreating to figures last seen in September 2024.
Over the month, centralized trading platforms processed roughly $1.13 trillion in crypto transactions, down 32% from November ($1.66 trillion) and 49% below October’s $2.23 trillion.
Binance retained the largest share of trading turnover, with the volume of $367.35 billion, followed by ByBit, HTX, Gate, and Coinbase.
The decline in activity on centralized exchanges in December reflects a combination of seasonal factors and subdued volatility, which constrained trader participation. Additional pressure on volumes came from capital outflows from centralized venues and a shift toward alternative order execution methods.
Activity on decentralized exchanges also contracted in December. Aggregate DEX trading volume fell to $245 billion, with Uniswap maintaining the lead at about $60 billion for the month.
Despite the overall pullback, the rising share of decentralized exchanges relative to centralized platforms points to a continuing structural shift toward self‑custody, greater transparency, and more capital‑efficient execution.
At the same time, airdrops aimed at boosting turnover continue to draw incremental trading activity to individual venues.
