CEX Spot Trading Volume Hits 9-Month Low as Institutional Bitcoin Focus Shifts Market Dynamics
Immy Dorse 
CEX Trading Volume Hits 9-Month Low—What’s Going On?
Spot trading on centralized crypto exchanges (CEX) slumped to $1.07 trillion in June, the lowest it’s been since September 2024. That’s not nothing—nine months is a long time in crypto. But here’s the weird part: while CEX numbers dipped, decentralized exchanges (DEX) actually saw more activity. So what’s behind the shift?
One theory floating around is that this cycle just isn’t playing out like the last few. Min Jung, an analyst at Presto_Research, thinks institutional Bitcoin buyers are calling the shots now, leaving retail traders—who usually go big on altcoins—on the sidelines. And if retail isn’t jumping in, CEX volumes take a hit.
Retail Traders Sitting This One Out?
Jung pointed out that past bull runs were fueled by everyday investors piling into altcoins. But this time? Not so much. Bitcoin’s holding steady near its all-time highs, but most altcoins—Ethereum included—are still down roughly 40% from their peaks. That’s a tough sell for retail traders who thrive on altcoin volatility.
“Bitcoin’s been the star lately, but the rest of the market isn’t keeping up,” Jung told *The Block*. “When altcoins aren’t moving, retail loses interest. And since CEXs rely heavily on that activity, the numbers drop.”
It’s not that retail has vanished entirely. But the enthusiasm feels muted compared to previous cycles. Maybe it’s fatigue. Maybe it’s caution. Either way, the usual altcoin frenzy hasn’t kicked in.
Why Are DEXs Gaining Ground?
Meanwhile, decentralized exchanges are picking up steam. Jung mentioned platforms like Hyperliquid, which have smoothed out some of the clunkier aspects of trading on DEXs. Better interfaces, faster transactions—small improvements that add up.
It’s not a tidal wave, but the trend is there. DEXs still handle a fraction of CEX volume, but the gap might be narrowing. Whether that’s a blip or a real shift is hard to say. Crypto moves fast, and today’s trend can fizzle out by next week.
Still, the numbers tell a story. If institutions are driving Bitcoin, and retail’s lukewarm on alts, CEXs could be in for a quieter stretch. Or maybe this is just the calm before another retail-driven surge. Crypto’s never been predictable.
*Not investment advice, obviously. Just something to think about.*