Trading volume halved: December CEX and DEX both hit 15-month lows

Market activity has significantly declined. According to the latest news, in December 2025, both centralized exchanges (CEX) and decentralized exchanges (DEX) experienced a substantial drop in trading volume, with CEX trading volume hitting a new low since September 2024. This change not only reflects the seasonal adjustment typical at year’s end but may also indicate a major shift in market sentiment.

Significant Contraction in Trading Data

Based on The Block data, December’s trading volume decline is quite evident:

As shown in the table, within two months, CEX trading volume has nearly halved, and DEX volume is close to being cut in half. This is not only a month-over-month decline but also the lowest level in 15 months.

CEX’s decline is more severe

The decline in centralized exchanges is even more pronounced, with December’s trading volume just over half of October’s. This indicates a significant cooling of trading enthusiasm among market participants, possibly reflecting several issues: first, the market may be entering a correction or wait-and-see period; second, traders might be reducing their trading frequency or scale; third, market liquidity could be contracting.

DEX is not immune

Although the decline in DEX is slightly smaller than CEX, a 46% drop over three months is still notable. This suggests that whether centralized or decentralized, market activity is clearly decreasing.

Possible Influencing Factors

Seasonal Factors

Year-end is typically a period of lighter trading activity, as some traders may be adjusting positions or taking a break.

Market Sentiment Fluctuations

Trading volume in crypto markets is often closely related to market sentiment. The sharp decline in trading volume may reflect cautiousness among market participants.

Liquidity Contraction

The decrease in trading volume directly indicates a reduction in market liquidity, which could impact the efficiency of executing large trades.

Issues to Watch

This data change highlights several areas to monitor: when trading volume might start to recover, whether a rebound will occur in January; if market participants’ trading enthusiasm will return; and whether the behavior of large traders has changed.

Summary

December’s trading volume data shows a clear downward trend, with both CEX and DEX hitting 15-month lows, reflecting a significant decline in market activity. While seasonal factors at year’s end may contribute, such a substantial drop warrants attention. The next step is to observe whether January’s data will rebound, indicating a short-term correction or a longer-term market shift. For traders, the current low-liquidity environment also means they should be more cautious when executing large trades.