Decentralized exchanges captured a record 19.5% of combined crypto spot volume in July as centralized exchange volume collapsed 31.2% to $727 billion, the lowest monthly total since October 2023. DEX volume also fell but by a smaller 9.82% to $176 billion, demonstrating relative resilience compared to centralized venues. Robinhood’s crypto trading volume dropped 35% year over year in the second quarter to $18 billion, while Coinbase reported a 38% year-over-year decline in its consumer spot volume during the same period. TRM Labs estimated global retail crypto activity fell 11% year over year in the first quarter to $979 billion, marking the second consecutive quarterly contraction. Price discovery remains segmented by asset class, with Bitcoin and Ethereum still largely dependent on centralized exchanges while long-tail tokens and memecoins trade primarily on-chain.
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