The Bitcoin reserve on centralized exchanges plummeted to a five-year low, and Ethereum’s trading volume on these platforms also hit a new low.
Uniswap led the pack with $106 billion in monthly trading volume, followed closely by PancakeSwap with $96 billion.
Other notable players included Solana-based Raydium, with $56 billion in monthly trading volume, and Aerodrome, which recorded $31 billion. Orca also saw impressive figures, registering $22 billion in monthly volume.
DEXes recorded the highest monthly trading volume. Source: DeFiLlama.
CEX Volume Hits Three-Year High
Despite the decline in assets, centralized exchanges experienced their strongest trading volume in three years.
December’s total CEX spot trading volume reached $2.78 trillion, driven largely by Binance, which contributed nearly $950 billion.
Other platforms, including Coinbase, Upbit, Crypto.com, and Bybit, saw trading volumes exceeding $100 billion, reflecting renewed trading activity as the market gains momentum.
Market analysts attribute the surge in trading volume across both DEXs and CEXs to the revitalized bullish sentiment, particularly following the conclusion of the 2024 U.S. general elections.
The shift in market dynamics signals renewed investor confidence in both decentralized and centralized platforms as the crypto market enters the final stretch of the year.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
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