In concentrated markets, spot trading volumes declined for five months. Binance led the decline in trading as the cryptocurrency market contracted.
Spot trading volume at the largest centralized exchanges has declined for the fifth straight month. The first event, on October 10-11, reduced liquidity in spot trading as well as derivatives.
Crypto spot volume was small recovery After a strong showing in January, overall trading has slumped over the past 12 months. October’s liquidation event only accelerated the slide.
Binance reduces influence on spot volume
Spot trading volume has shifted to the overall market, and Binance’s share has shrunk. Binance remained a target for BTC and ETH deposits, but trading activity remained low. Selling typically occurs during short-term economic recoveries, and activity remained low.
Binance maintained a 20% share of total spot trading volume, but 68% shifted to smaller markets with less prominent brands.
Binance’s spot volume has lost its influence, falling to about 20% of total activity. |Source: CoinMarketCap
One of the reasons for the outflow of funds from spot trading is the decline in altcoin activity. Altcoin volume on Binance remains less than 40%, down from a peak of around 60%. Altcoin trading volume declined as traders moved to private assets in memes and DEXs. However, DEXs cannot compensate for weakening market sentiment.
DEX trading volume accounted for 14.83% of CEX activity, down from over 21% in summer 2025. The short lifecycle of tokens also means a change in the type of traders, no longer betting on the returns of old assets. Instead, spot volume shifted to newly launched meme tokens, but they could not keep up with the valuations of previous coins and tokens.
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Spot trading volume is currently around $111 billion daily, down from more than $518 billion in October 2025. This decline is consistent with a decline in open interest and trading volume in the derivatives market.
Seasonal indices of altcoins also show an outflow of interest from those assets. The index returned to 35 points, marking the season for Bitcoin, as the most liquid assets usually recover most reliably.
PancakeSwap loses spot volume advantage
An exodus from the Binance ecosystem has also been observed in the decentralized spot market. PancakeSwap has lost share in spot trading, dropping from 77% in summer 2025 to the current 12% level.
One of the main reasons is the slowdown in meme token trading on Binance and the new migration to Solana. However, it was not possible to recover DEX volumes in the Solana ecosystem either.
Overall, spot trading has shifted to short-term assets, including pump swap token pairs. Some of the liquidity from DeFi has shifted to lending, further limiting the scope of traders’ activities.
Despite increasing supply, stable coinspot activity didn’t react like in the previous cycle.