The ratio of decentralized exchange spot trading volume to centralized exchange volume has fallen 7% from its all-time high, according to data from CryptoRank — a signal that centralized platforms are reasserting their grip on spot liquidity after a period of sustained DEX growth.
Three structural forces are driving the shift: a cooling in DeFi speculation, a notable pullback in retail on-chain activity, and the lingering confidence damage from a string of large-scale DeFi protocol hacks. Together, they have pushed traders back toward the familiar custody and execution guarantees of centralized venues.
The data points to a concentration of trading activity on CEXs that, if sustained, could weigh on DEX fee revenue, on-chain liquidity depth, and the broader DeFi ecosystem's case for capturing a larger share of global spot volume.
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