In late 2025, the global cryptocurrency market entered a striking period of diminished trading activity, with both centralized and decentralized spot-trading volumes sliding sharply. This trend, which reached a low point in November, has continued to influence the early 2026 crypto landscape highlighting deeper structural shifts within the market.
November’s Powerful Slowdown — A Market in Retreat
According to multiple market trackers, total spot trading activity across crypto platforms dropped to approximately $1.59 trillion in November 2025 a roughly 27 % decline from October and the lowest monthly volume seen since mid-year. Both centralized exchanges (CEXs) and decentralized exchanges (DEXs) posted steep declines in trading activity, with DEX volumes sliding as much as 30 % month-over-month.
This slump wasn’t merely seasonal it reflected a broader cooling of market participation as prices of major assets softened and traders became more cautious amid heightened macroeconomic uncertainty.
CEXs Still Dominate but Feel the Bite
Despite the downturn, centralized exchanges continued to capture the lion’s share of spot volume. In 2025 overall, CEX platforms accounted for around 87 %–92 % of all spot trading, with major players like Binance, Bybit, and Coinbase leading overall activity.
However, even these large platforms experienced marked volume contractions in November highlighting a universal market slowdown rather than a platform-specific issue.
DEXs: Volume Falls But Structural Shifts Are Underway
Decentralized exchanges were not immune to the pullback in trading volumes. In November, DEXs saw a notable reduction in spot trading activity, contributing to the overall market slide.
Yet, broader data from late 2025 and early 2026 paints a nuanced picture: the relative share of DEX trading compared to CEX trading has been rising over time. By some measures, DEXs captured more than 20 % of CEX spot volume, signaling increasing adoption of on-chain trading even if absolute trading levels are subdued.
Why Trading Activity Shrunk?
Several key factors likely contributed to the slump in global crypto spot volume:
Market Price Weakness – Major tokens, including Bitcoin and Ethereum, softened in Q4 2025, reducing volatility that typically fuels speculative trading.
Shift to Derivatives and Alternative Products – With spot markets cooling, some traders shifted attention to derivatives, perpetual futures, or other yield-oriented activities.
Sharpened Risk Aversion – Broader economic uncertainty, including inflation concerns and rate decisions by central banks, dampened risk appetite among retail and institutional investors alike.
Seasonal Trading Lull – Late-year trading patterns historically show reduced activity as institutional traders rebalance and holiday-period participation drops.
Market Early 2026 Dynamics
While late 2025 showed softness, early 2026 brought some signs of renewed trading interest particularly in aggregate volumes across all markets. Recent data indicates total global trading activity (spot and derivatives) climbed to around $5.9 trillion as volatility and price action increased in early February though this isn’t a full return to strong spot activity.
This suggests a potential transition phase: traders may be responding to renewed price moves while structural changes such as growth in DEX participation and institutional product inflows continue to reshape volume distribution.
What This Means for Traders and Exchanges
Liquidity Conditions Remain Fragile: Lower spot volumes can widen spreads and increase slippage, especially for lower-cap assets.
Revenue Pressure on Exchanges: Trading fees are a major revenue source; sustained volume drops challenge profitability for many platforms.
Potential for Renewed Volatility: Should sentiment improve, price rebounds might trigger sharper swings due to thinner liquidity.
Institutional vs. Retail Behavior: Spot trading may remain subdued until clearer regulatory signals and macro stability emerge.
As the calendar advances into 2026, the crypto market faces a crossroads. Volume recovery will likely hinge on clearer price direction, macroeconomic stability, and the continued adoption of both centralized and decentralized trading ecosystems. Analysts will be watching December 2025 carry-over data and early-year volume trends closely to determine whether November’s downturn was a short-lived lull or the start of a longer trend.
#CryptoMarket #CryptoNews #SpotTrading #bitcoin