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CEX trading volume decline is raising serious questions about investor behavior and future market direction.
In June 2025, major centralized exchanges like MEXC, KuCoin, and Upbit saw trading volumes plunge over 39%. Binance, the dominant player, also suffered a 22% drop. While not as steep, it still reflects growing caution. These numbers come at a time when the crypto market appears quieter, more uncertain, and more fragmented than earlier this year.
CEXs Losing Momentum in Asia
A recent report highlights how retail-heavy platforms in South Korea and Southeast Asia are experiencing sharp drops. MEXC declined by 44%, KuCoin by 42%, and Upbit by 39%. The steepest losses were seen in platforms serving everyday retail users, suggesting a retreat from speculative behavior.
This CEX trading volume decline may not be permanent, but it signals caution. The earlier hype around Bitcoin ETFs has died down. Liquidity is thinning, and retail investors are becoming more selective.
Meanwhile, exchanges like HTX and Kraken saw smaller drops, showing more stability among users with long-term outlooks or diversified strategies.
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Retail Pullback Drives Down CEX Activity
Macro uncertainty is also reshaping the landscape. Global conflicts, inflation risks, and a hawkish monetary stance have made investors wary. Money is flowing into perceived safer assets like gold and bonds. That creates less volume in crypto markets, which thrive on volatility and risk-on sentiment.
Without big headlines or product launches in June, the crypto market went flat. Trading quieted down, and with that, engagement on centralized platforms dipped too.
CEX trading volume decline is also partly due to trust concerns and evolving user habits. Modern crypto users are exploring alternatives, especially in the decentralized finance (DeFi) space.
CEX trading volume decline contrasts with resilient DEXs
While centralized platforms struggled, decentralized exchanges (DEXs) showed strength. June DEX volume hit $391 billion. Though slightly lower than May’s $402 billion, it was much higher than last year’s numbers.
This signals a user pivot toward platforms with better transparency and self-custody options. DEXs provide a safety net when users lose confidence in CEXs or want more control over their funds.
If the market remains subdued and regulatory scrutiny on CEXs grows, users may continue shifting toward DEXs. The line between centralized and decentralized trading continues to blur as more users seek flexible, secure options.
