DEXs capture almost 30% of CEX spot activity in June, setting new record

Decentralized exchanges (DEX) processed astir $385 cardinal of spot trades successful June, adjacent to astir 30% of the turnover recorded by centralized venues, according to DefiLlama and The Block data.

The 30-day DEX fig represents a 12% diminution from May, but centralized speech (CEX) spot measurement contracted astir 30% successful the aforesaid period. Notably, this is the smallest monthly trading measurement from CEX since September 2024.

These divergent movements resulted successful a “DEX to CEX Spot Trade Volume” of 28.4% arsenic of property time, a caller all-time high. The erstwhile grounds was astir 21%, seen successful May.

Biggest DEXs clasp their ground

Lower comparative drawdowns connected Uniswap, PancakeSwap, and different permissionless venues explicate astir of the marketplace stock expansion. 

Combined measurement astatine the apical 5 DEXs, which besides see Orca, Raydium, and Meteora, slipped little than 10% month-on-month, aided by dependable stable-pair turnover connected Ethereum and increasing enactment connected BNB, Solana, and Base. 

Binance, Coinbase, OKX, and different centralized platforms saw deeper declines arsenic traders reduced leverage and moved assets to self-custody.

Bitcoin (BTC) enactment could service arsenic a proxy for this movement, arsenic Binance recently registered 5,700 BTC successful a 30-day inflow, which is little than fractional the mean seen since 2020.

Furthermore, information from Nansen shows a dependable diminution successful the ERC-20 stablecoin proviso connected centralized exchanges since June 17.

With little than 1 trading time remaining successful June, the moving DEX full sits $15 cardinal shy of the $400 cardinal threshold. 

The mean regular measurement implicit the past week exceeded $13 billion, leaving a plausible way to decorativeness supra $400 cardinal if marketplace conditions stay stable.

An ongoing trend

Despite immoderate woes betwixt January and April, the DEX to CEX ratio ne'er dipped beneath 12% successful 2025. Between 2019 and 2024, the 12% threshold was breached lone 4 times, highlighting the spot of on-chain trading this year.

In January, expert Ignas noted that terms find is shifting heavy to decentralized exchanges alternatively than being held by task superior funds.

According to the analyst, this occurs due to the fact that traders labeled arsenic “smart money” are predominantly progressive successful on-chain trading.

Consequently, the volumes connected centralized exchanges enactment arsenic “exit liquidity” for these traders. The summation successful on-chain trading volumes could bespeak traders moving to platforms wherever the enactment originates alternatively than waiting successful centralized venues.

The station DEXs seizure astir 30% of CEX spot enactment successful June, mounting caller record appeared archetypal connected CryptoSlate.