Spot trading volumes on centralized exchanges (CEX) are at their lowest in over four years, according to a new report published by CryptoQuant. The data indicates a profound change in the behavior of crypto investors, increasingly oriented towards long-term accumulation (HODL) and less attracted to active trading.
Summary
Volumes down on CEX: we are back to pre-bullrun levels
According to analyst Axel Adler Jr, the spot volumes on CEX have returned to those recorded in October 2020, a period preceding the crypto market bull. This decline reflects a growing distrust towards centralized platforms and a trend towards self-custody of assets.
More and more users are choosing to move their tokens to cold wallets, reducing the available liquidity on exchanges and contributing to the compression of volumes.
The Trump-Musk clash fuels uncertainty in the crypto market
Another factor that has weighed on investor sentiment was the recent clash between Donald Trump and Elon Musk, which generated strong volatility in financial and digital markets. The political tensions and public statements of the two have contributed to increasing risk aversion, particularly among operators in the tech and crypto sectors.
In the span of a few hours, Bitcoin lost over 5%, only to recover thanks to positive macroeconomic data related to the US labor market.
Order book in imbalance: more sales than purchases
According to the data provided by Hyblock Capital, the bid-ask ratio has turned negative on several spot and derivatives platforms. This means that there are more sell orders near the current price compared to buy orders, a signal often associated with potential bear or consolidation phases.
Boom dei DEX: ora rappresentano il 25% del volume globale
In parallel with the decline in volumes on CEX, decentralized exchanges (DEX) are gaining ground. In May 2025, DEX captured a record share of 25% of the global spot volume, up from 20% recorded at the beginning of the year.
The trend is fueled by increased confidence in finanza decentralizzata, the use of increasingly user-friendly wallet non-custodial, and the growing esigenza di privacy e trasparenza following the scandals of 2022-2023.
Key Technical Levels: Bitcoin Between Support and Resistance
Currently, Bitcoin is moving in a range between 98,500 and 107,000 dollars. This latter area represents an important liquidity cluster, while below 100,000 there is a strong psychological and technical support.
Analysts believe that, without new catalysts, the market could continue to oscillate within this range, with low volatility but high latent tension.
Conclusion: less speculation, more accumulation
The decline in spot volumes on CEX indicates a structural change. Investors prefer to HODL rather than expose themselves to short-term risks. At the same time, the growth of DEX and the increase in self-custody suggest an increasingly mature and decentralized ecosystem.
Until new catalyst events (such as an Ethereum ETF or rate cuts by the Fed) arrive, the market will likely remain in a wait-and-see phase.
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