The monthly volume of spot trading on centralized exchanges has fallen to its lowest level since September 2024, while volumes on decentralized trading platforms continue to grow.
According to The Block's dashboard, in June the spot trading volume on centralized exchanges amounted to $1.07 trillion, down from $1.47 trillion in May.
The monthly volume of spot trading on centralized platforms has been gradually decreasing since reaching a recent peak of $2.94 trillion in December. Last month's volume marks a decline of 63.6% compared to this peak.
"While Bitcoin remained stable and not too far from its all-time highs, the altcoin market faced difficulties, with most altcoins — including — still down nearly 40% from their peaks," said Min Jung, research analyst at Presto Research. "This indicates that the market is largely driven by institutional Bitcoin purchases, while retail participation — which typically favors altcoins — remains relatively subdued."
Jung added that the current movement in the cryptocurrency market is focused on institutional investments in Bitcoin, while stablecoins, tokenized stocks, and corporate treasury bonds play a secondary role, whereas previous bull cycles were largely driven by the retail sector.
On the other hand, the monthly volume on decentralized exchanges rose in June to a record $390 billion, according to DefiLlama data. After a local peak in January, DEX volume decreased and began to recover in May, which lasted until June.
