CEX spot volumes plunge 90% since October

TLDR

Centralized exchange spot trading very likely fell sharply from late-2025 peaks, but a clean 90% collapse depends heavily on which venues and assets are counted.

1. Broad crypto volumes have trended lower in recent months, though aggregate data show a drop closer to one third than 90% across the whole market.
2. The main drivers are fading volatility, rotation into derivatives and ETFs, more on-chain activity, and reduced inflated volume from wash trading.
3. For users, thinner CEX spot liquidity increases slippage and venue concentration risk, so it is important to track depth on key pairs and alternatives like ETFs or major DEXs.

Deep Dive

1. How Big Is The Drop

On a global view, 24h crypto trading volume has fallen from about 197.66 B to 133.15 B over roughly three months, a decline of about 32.64%, not 90%.

At the same time, current 24h spot volume is 384.68 B while derivatives volume is about 1.41 T, with a spot versus perpetuals ratio of 0.27, showing that derivatives still dominate flows.

A reported 90% plunge usually reflects a narrower slice, for example specific centralized exchanges, certain regions, or strict filters that remove smaller coins and suspected wash trading.

2. Key Drivers Of Decline

Lower realized volatility and smaller price swings reduce short term trading incentives, which typically compresses both spot and derivative volumes after a strong cycle.

Some activity has migrated from spot on big CEXs into perpetual futures and options, where capital efficiency is higher, and into spot ETFs that now absorb a share of BTC and ETH demand.

On-chain trading has grown for certain narratives, especially memecoins and niche tokens, while tighter enforcement and surveillance have likely cut back artificial volumes on less regulated venues.

3. What To Watch Next

First, watch spot depth and 24h volume on the pairs you care about on top exchanges; sustained drops there mean wider spreads and harder exits during stress.

Second, monitor the spot versus perpetuals volume ratio and flows into BTC and ETH ETFs, since further rotation away from CEX spot would keep pressure on centralized order books.

Third, pay attention to regulatory actions or exchange specific issues, because in a low volume environment, any shock to a major venue can have outsized effects on prices and liquidity.

Conclusion

Centralized exchange spot trading has clearly cooled from its peak, though a blanket 90% collapse overstates the picture for the entire market. The real shift is toward derivatives, ETFs, and selective on-chain trading, which concentrates liquidity and makes venue and instrument choice more important for anyone active in crypto.