Spot trading volume on major centralized exchanges (CEXs) fell 14.1% in September compared to August, according to new data from Wu Blockchain. The total monthly volume across major exchanges dropped to $1.73 trillion, marking one of the weakest performances since mid-2024.
Market leader Binance recorded an 18% decline, falling from $744.8 billion to $610.9 billion in spot trades. Other major platforms like OKX (-25%), Crypto.com (-26%), and Bitfinex (-27%) also reported steep reductions in trading activity, reflecting reduced retail participation and broader market consolidation following Bitcoin’s volatility.
A Few Exchanges Defy the Trend
Despite the overall contraction, some platforms managed to post modest gains. Bybit led with a 1% increase to $130.1 billion, while MEXC grew 0.2%, maintaining relative resilience amid declining liquidity.
Website traffic to leading exchanges also slipped 6% month-on-month, though Bitget (+25%), KuCoin (+3%), and BitMart (+1%) showed rising user engagement.
Market Context: Low Volatility, Lower Volume
Analysts link the slowdown to seasonal patterns and fading speculative demand as traders await new catalysts, including U.S. regulatory updates and institutional product launches.
The data underscores how even top exchanges face tightening volumes when market volatility cools, suggesting that liquidity remains heavily cycle-dependent.
If October’s renewed volatility continues, spot markets may see a rebound, particularly as Bitcoin attempts to reclaim the $115,000 zone following its mid-month correction.
