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NewsDigital Assets · JPM

DEXs hit record 24% of spot crypto trading as total volume tracks toward $670 million 12-month low

Decentralized exchanges have captured a record 24% share of spot crypto trading, while overall spot exchange volume is on pace to print a new 12-month low. The current trajectory converges on $670 million, measured against an annual peak of $2.23 trillion, a gap that frames where the running contest between on-chain and off-chain liquidity now stands.

By Desmond ChoiDigital Assets DeskAugust 3, 20262 min readJPM
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Key takeaways

  • Decentralized exchanges have captured a record 24% share of spot crypto trading, the highest in the measurement window.
  • Overall spot exchange volume is on pace to set a new 12-month low, with the current trajectory converging on $670 million.
  • The $670 million trajectory sits far below the $2.23 trillion annual high, reflecting a large drawdown in overall spot activity.
  • Centralized exchange volumes are sinking as decentralized venues take share.
  • The source does not attribute the shift to any named catalyst, making the setup data-driven rather than event-driven.

Decentralized exchanges have captured a record 24% share of spot crypto trading, while overall spot exchange volume is on pace to print a new 12-month low. The current trajectory converges on $670 million, measured against an annual peak of $2.23 trillion, a gap that frames where the running contest between on-chain and off-chain liquidity now stands.

The volume split

The 24% DEX share is a record, meaning on-chain pools are absorbing a larger proportion of spot flow than at any prior point in the measurement window. Centralized exchanges are on the other side of that equation, with volumes sinking as decentralized venues take share.

At $670 million, the current spot volume trajectory sits far below the $2.23 trillion annual high. The distance between those two numbers reflects the scale of the drawdown in overall activity. The share that remains is skewing toward decentralized venues.

What the print means for the setup

A record DEX market-share reading at 24% shifts the structural read on crypto market microstructure. On-chain venues have been gaining ground for some time, but a reading that clears 20% and lands at an all-time high in share terms is a different signal than a session-level spike in DEX flow.

For the tape, the immediate question is whether centralized volume recovers from the current trough or continues to compress. The source does not attribute the shift to a named catalyst, which leaves the setup data-driven rather than event-driven. Traders watching CEX order books will need the monthly close to confirm whether $670 million holds as the floor.

What to watch

The confirmable milestone is the final monthly read on spot exchange volume. A close at or near $670 million would make the 12-month low official and give the 24% DEX share reading firmer footing as a structural data point rather than a sample-size artifact. The $2.23 trillion annual high remains the reference level for any volume recovery comparison.

Related reading

About this story

Filed by the digital assets desk of MarketPR on August 3, 2026. Source: theblock.co. Indicative figures are not investment advice.

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Frequently asked

What share of spot crypto trading do decentralized exchanges now hold?

Decentralized exchanges have captured a record 24% share of spot crypto trading, the largest proportion at any point in the measurement window.

How low is spot exchange volume expected to go?

The current spot volume trajectory is converging on $670 million, which would mark a new 12-month low.

How does the current volume compare to the annual high?

At $670 million, the current trajectory sits far below the $2.23 trillion annual peak, reflecting the scale of the drawdown in overall activity.

What is the key milestone to watch?

The confirmable milestone is the final monthly read on spot exchange volume; a close at or near $670 million would make the 12-month low official.

Did the article identify a cause for the shift toward DEXs?

No, the source does not attribute the shift to a named catalyst, leaving the setup data-driven rather than event-driven.