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Crypto Exchanges Record Weakest Month Since June Amid Falling Volumes
The crypto trading landscape cooled off in September, with monthly spot trading volumes across exchanges falling to $1.67 trillion, the lowest level since June, according to The Block’s data dashboard.
This marked a 9.7% drop from August’s $1.85 trillion, reinforcing the broader slowdown in trading activity that followed the summer rally. Notably, June’s spot volume came in even lower at $1.1 trillion, making September the second weakest month for crypto exchanges in Q3.
Binance Still Leads, But Volume Declines
Binance maintained its dominant position as the world’s largest crypto exchange, recording $636.5 billion in trading volume for September. However, this represents a notable decrease from August’s $737.1 billion.
Bybit held steady in second place, with a trading volume of $132.1 billion, followed by Gate.io at $124 billion and Bitget at $117.9 billion. These figures underline a general contraction across the top centralized platforms as trader engagement dipped.
Decentralized Exchanges Also Take a Hit
The slowdown wasn’t limited to centralized exchanges. Decentralized exchange (DEX) volumes also saw a slight decline, sliding to $363.4 billion in September from $368.8 billion in August.
Among DEXs, Uniswap recorded a notable decrease, with trading volume falling to $106.5 billion from $143 billion the previous month. In contrast, PancakeSwap bucked the trend, jumping to $79.8 billion from $58.7 billion, showcasing a shift in user activity within the DeFi space.
Spot Bitcoin ETFs See Bullish Turnaround
While exchange volumes were down, a positive trend emerged in the ETF market. U.S. spot Bitcoin exchange-traded funds (ETFs) experienced a significant reversal from net outflows to net inflows in September.
According to SoSoValue data, these ETFs attracted a monthly net inflow of $3.53 billion, a sharp contrast to August’s $751.1 million in net outflows. This surge signals renewed institutional interest in Bitcoin exposure through regulated investment vehicles, even as direct spot trading lost momentum.
