Cryptocurrency trading volumes surge amid Bitcoin and Ethereum price rallies

Cryptocurrency trading activity has seen a significant resurgence, driven by sharp price increases in major assets like Bitcoin and Ethereum. Centralized exchanges (CEX) reported a doubling of trading volume in just five days, surpassing $37 billion, though this remains at approximately one-third of the 12-month peak.

Simultaneously, decentralized exchanges (DEX) experienced a substantial surge, with daily volumes climbing from approximately $3.3 billion to a peak of $12.9 billion. This growth was characterized by localized activity across various ecosystems, including Solana, Base, Hyperliquid, and Robinhood, rather than a single dominant network. A recovery in meme coin trading also contributed to the DEX volume spike.

Market analysts note a structural shift in how trading volume is distributed. While CEXs remain dominant for altcoin trading due to listing speeds and liquidity, they now face competition from spot ETFs and Digital Asset Treasuries (DAT) for major assets like Bitcoin and Ethereum. Additionally, the rapid expansion of DEX platforms like Hyperliquid and Lighter is acting as a third force, further diversifying where digital asset liquidity resides.