Crypto Exchange Volume Hits 15-Month Low in December as Market Activity Declines

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Crypto exchange volume hit its lowest level in roughly 15 months in December 2025, with centralized spot trading experiencing a sharp decline. Spot trading on centralized exchanges dropped about 32% month-over-month, falling to around $1.13 trillion. Decentralized exchange (DEX) activity also weakened, with monthly volumes down roughly 20% from November.

A sharp decline was witnessed in crypto trading volumes on global exchanges in December 2025; this was the lowest level in the last 15 months. Total trading on global spot exchanges was seen to have fallen dramatically due to minimal volatility and year-end seasonality effects, which indicated that traders were cautious as 2025 came to a close.

CEX Volume Dips Sharply in December

Market data reveals a slump in centralized exchange (CEX) trading activity in terms of spot trading to a level that is 32% below November levels, with total trading activity dropping to around $1.13 trillion, which is the weakest level recorded monthly since late 2024, approximately a 15-month low that reflects a deceleration in engagement with the market.

Several reasons were identified for this decline, including typical holiday season inactive markets, limited price actions, and traders resorting to a ‘hold’ approach instead of engaging in active trade. Less active price actions in major markets led to a loss of incentives for frequent buying and selling in major trading pairs.

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DEX Activity Also Slows

The volume shrinkage was not limited to the centralized platforms. Statistics indicate that there was a corresponding shrinkage in the volume of activity for the decentralized exchanges (DEXs), which declined by 20% in December from the previous month to an estimated total monthly volume of $245 billion.

Although platforms like Uniswap retained their leading status in the decentralized exchange space, the involvement of traders in automated market makers as well was softened, as was the case with the entire market.

Why Trading Activity Slowed

There were several factors that contributed to the decline in exchange volumes. Holiday periods are usually associated with fewer participants as traders withdraw from markets and inventional liquidity is lower compared to the activity levels in mid-year periods. With major currencies moving within tight ranges in the last year of the cycle, it appears that the breakout trades had little enticement. Traders exhibited a more conservative attitude in their participation.

This trend of smaller volume was in line with the on-chain data that indicated a lack of activity among Bitcoin, Ethereum, and the major altcoins towards the end of 2025, with a note from Santiment that there were low engagement levels compared to those of the previous year.

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Crypto Trading Volume Plummets to 15-Month Low in December 2025

In a stark reflection of market sentiment, global crypto exchange volumes hit their lowest point in 15 months this December, signaling a cautious end to 2025. Centralized exchanges (CEXs) experienced a dramatic 32% decline in spot trading, dropping to approximately $1.13 trillion—a level not seen since late 2024. This downturn highlights a significant slowdown in market engagement as traders opted for a more conservative approach amid minimal volatility and year-end seasonality.

Centralized Exchange Activity Takes a Hit

Market data reveals that the sharp decline in CEX trading activity can be attributed to several factors. The holiday season typically sees reduced market participation, and this year was no exception. With major cryptocurrencies showing limited price movements, traders were less incentivized to engage in frequent buying and selling. Instead, many adopted a ‘hold’ strategy, reflecting a broader trend of caution as the year drew to a close.

Decentralized Exchanges Also Feel the Pinch

The downturn was not confined to centralized platforms. Decentralized exchanges (DEXs) also reported a 20% decrease in trading volumes, falling to an estimated $245 billion for December. While platforms like Uniswap maintained their leading positions, overall trader engagement in automated market makers softened, mirroring the broader market trend.

Factors Behind the Slowdown

Several elements contributed to the decline in trading activity. The holiday season typically sees fewer participants, with liquidity dropping compared to mid-year levels. Additionally, with major cryptocurrencies trading within tight ranges, the allure of breakout trades diminished, prompting traders to adopt a more cautious stance.

On-chain data corroborates this trend, revealing low engagement levels among Bitcoin, Ethereum, and other major altcoins as 2025 came to a close. According to insights from Santiment, the lack of activity was stark compared to the previous year, further emphasizing the market’s subdued state.

As traders and investors reflect on the past year, the significant drop in trading volumes serves as a reminder of the cyclical nature of the crypto market. With 2026 on the horizon, many are left wondering if renewed volatility and engagement will return to reignite interest in digital assets.

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