CEX Trading Volume Doubles in Five Days, Bull Market Returns but Traffic Pattern Changed
August 25th news: According to data from The Block, the trading volume of centralized cryptocurrency exchanges (CEXs) doubled in five days, rising from an annual low to over $37 billion, but still significantly lower than the peak of $105 billion reached after the massive liquidation event in October 2025. The cumulative trading volume of CEXs since August is approximately $490 billion, also lower than the $670 billion in July.
The rebound in trading volume is mainly driven by a stronger market. Last week, Bitcoin and Ethereum rose by over 23% and 30% respectively, while the market capitalization of altcoins rose by about 13%, indicating a significant increase in trading willingness. However, spot ETFs and digital asset vaults are absorbing some of the demand that originally flowed to CEXs, while DEXs such as Hyperliquid and Lighter continue to divert trading volume, meaning that CEXs can no longer monopolize market liquidity.
However, CEXs still have their advantages, especially in the altcoin sector. Their faster listing speeds, deeper trading pair liquidity, and trading tools for small- and mid-cap tokens remain difficult for ETFs and DEXs to completely replace. Future market growth does not necessarily mean a corresponding increase in CEX trading volume; crypto trading is entering a new phase of multi-channel diversification, with CEXs, ETFs, treasury exchanges, and DEXs all contributing to its growth.
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