Global crypto exchanges saw a decline in activity in September 2025, with spot trading volume falling to $1.67 trillion, according to The Block’s data dashboard. This represents a 9.7% drop from August’s $1.85 trillion, marking the weakest performance since June’s $1.1 trillion.
Binance remained the dominant player in the market, reporting $636.5 billion in trading volume, down from $737.1 billion in August. Despite the drop, Binance continues to hold a strong lead over competitors.
Bybit followed with $132.1 billion, securing the second position among global exchanges. Gate.io ranked third at $124 billion, and Bitget recorded $117.9 billion in monthly volume.
The drop across these platforms reflects a broader slowdown in trading activity amid lower volatility and reduced retail participation.
Decentralized Exchange Trends
Decentralized exchanges (DEXs) also experienced a mild decline, with total volume slipping to $363.4 billion from $368.8 billion in August.
- Uniswap, the leading DEX, saw a significant drop to $106.5 billion from $143 billion.
- PancakeSwap bucked the trend, rising to $79.8 billion from $58.7 billion, signaling continued growth in Binance Smart Chain-based trading.
The combined reduction suggests traders are exercising caution amid ongoing market uncertainty and fluctuating token prices.
Bitcoin ETFs See Inflows
While exchange volumes declined, spot Bitcoin ETFs in the U.S. reversed course, shifting from outflows to strong inflows. According to SoSoValue, spot Bitcoin ETFs recorded $3.53 billion in net inflows in September, compared to $751.1 million in outflows in August.
This shift indicates renewed institutional interest in Bitcoin exposure, even as direct trading activity slows across both centralized and decentralized exchanges.
Market Outlook
The overall decline in crypto exchange trading volume in September 2025 highlights a period of consolidation across the digital asset market. However, the rising ETF inflows suggest long-term confidence among institutional investors, potentially signaling renewed momentum as markets stabilize heading into Q4.
