Crypto exchanges’ monthly spot volume came down to $1.67 trillion in September, marking the lowest level since June.
The Block’s data dashboard shows that September’s exchange volume declined 9.7% from $1.85 trillion in August, marking the weakest month since June’s $1.1 trillion.
Specifically, Binance maintained its position as the largest exchange, recording $636.5 billion in trading volume in September, compared with $737.1 billion in August.
Bybit recorded the second-largest trading volume among exchanges at $132.1 billion, followed by Gate.io with $124 billion and Bitget with $117.9 billion.
Meanwhile, decentralized exchange volume slipped slightly in September to $363.4 billion from August’s $368.8 billion, according to The Block’s data. Uniswap’s volume dropped to $106.5 billion from $143 billion, while PancakeSwap climbed to $79.8 billion from $58.7 billion.
While exchanges saw a decline in trading volume in September, spot bitcoin exchange-traded funds experienced a shift from net outflows to net inflows. U.S. spot bitcoin ETFs recorded a monthly net inflow of $3.53 billion in September, compared to a net outflow of $751.1 million in August, according to SoSoValue data.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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