Crypto Exchange Volume Doubles in Five Days: Behind July Despite Rally

Spot trading volume doubled in five days, climbing above $37 billion, while August’s total remained below July’s level despite the price rally.

According to data published in The Block’s Data & Insights newsletter, spot trading volume on centralized crypto exchanges (CEX)—representing the total value of immediate purchases and sales—doubled in five days last week, surpassing $37 billion.

This recovery still falls significantly short of the $105 billion peak seen over the last 12 months. This peak was recorded immediately following the 10/10 liquidations. While $490 billion in trades have occurred so far in August, the July total stood at $670 billion. Despite the five-day surge, monthly exchange volume has yet to return to its former levels.

ETFs and DEXs Split Exchange Volume

Bitcoin and Ethereum rose 23% and 30%, respectively, last week. The total market capitalization of altcoins, excluding BTC and ETH, also increased by approximately 13% during the same period. Despite this, the full extent of the rally was not reflected in spot trading on centralized exchanges.

Spot ETFs, which are exchange-traded funds that hold Bitcoin and Ethereum directly, are shifting a portion of demand into traditional financial channels. Digital asset treasuries (DATs)—the accumulation of crypto assets on corporate balance sheets—are creating a similar effect. Some of these purchases can occur without ever touching a CEX.

The growing popularity of decentralized exchange (DEX) platforms like Hyperliquid and Lighter could also be pulling volume away from CEXs. Nevertheless, a significant portion of altcoin demand remains on centralized exchanges. Fast listings, depth of trading pairs, and tools offered for small-cap tokens help these platforms maintain their advantage.