Decentralized Exchanges’ Share of Trading Volumes Continues to Grow

DEXs saw volumes increase to $390 billion for the month, according to data from crypto research providers The Block and DefiLlama.

Vincent Liu, CIO of Kronos Research, a crypto trading firm, opined that, “DEXs are gaining real traction, not just from speculation but from true utility: the freedom to trade anything, self-custody, and early access. Traders are simply getting more strategic.” 

Shift from CEX to DEX

The growing share of DEX trading volume may signal a foundational shift in the crypto landscape — away from centralized exchanges and toward decentralized alternatives that offer greater autonomy and access. Major centralized platforms, like Coinbase and Binance, may see their market share under pressure as retail investors become savvier amid an expansion in trading options. 

"DEXs are gaining real traction"

— Vincent Liu, CIO Kronos Research

 Centralized exchanges (CEXs) recorded $1.07 trillion in spot trading volume in June, down from $1.47 trillion in May, according to The Block and DefiLlama.

This marks a 27% month-over-month decline and a 63.6% drop from the recent high of $2.94 trillion seen in December 2024. Meanwhile, DEXs saw spot volume increase to $390 billion in June. 

Institutions load up

However, one analyst says this crypto cycle is being driven mostly by institutions loading up on Bitcoin, not retail investors, which may also explain the drop in centralized exchange volume.

Min Jung, a research analyst at Presto Research, noted that while Bitcoin has remained near its record high, the price of altcoins is still down significantly. 

This dynamic, she said, “points to a market largely driven by institutional buying of Bitcoin, while retail participation — which typically favors altcoins — remains relatively subdued.”