Lookonchain
Stablecoin supply fell by $2.19 billion from Oct. 19 to Oct. 25, while decentralized exchange activity also weakened. DEX spot volume dropped 12.21% week over week and perpetuals volume fell 8.59%.
Why it matters
The decline across stablecoin supply, spot trading and perpetuals points to softer liquidity and reduced risk-taking across decentralized markets. Protocol revenue also fell 10.57% week over week, although Central City led weekly revenue growth with a 14,393% increase.
The report's institutional data was more resilient. Two public companies added a combined 6,202 BTC worth $494.23 million. Strategy made no changes to its BTC holdings, while Bitmine bought 10,452 ETH valued at $24.13 million.
Market impact
The data presents a split market signal. DEX activity and protocol revenue weakened, but corporate and institutional buyers continued adding major crypto assets. That divergence leaves stablecoin supply and derivatives volume as key indicators for whether liquidity is recovering or contracting further.
Frequently asked questions
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How much did stablecoin supply fall during the week?
Stablecoin supply fell by $2.19 billion from Oct. 19 to Oct. 25, 2026.
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How sharply did DEX trading volumes decline?
DEX spot volume fell 12.21% week over week, while perpetuals volume declined 8.59%.
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What happened to protocol revenue?
Overall protocol revenue fell 10.57% week over week. Central City nevertheless led weekly revenue growth with a 14,393% increase.
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How much Bitcoin did public companies add?
Two public companies increased their holdings by a combined 6,202 BTC, valued at $494.23 million.
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What were Strategy and Bitmine's crypto moves?
Strategy neither sold nor bought back BTC. Bitmine bought 10,452 ETH valued at $24.13 million.
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