July trading volume on Ethereum decentralized exchanges fell sharply, matching levels last seen in October 2023.
Ethereum decentralized exchange spot trading volume slumped to $29 billion in July, a 76% decline from the record $122 billion set in August 2025. The drop marks a return to October 2023 levels, erasing gains from the past two years.
Monthly trading volume has fallen by an average of 12.5% since the peak, with projections suggesting a further decline to $21.2 billion within three months if the trend persists. The downturn reflects broader weakness in crypto market activity.
No immediate market reaction was reported, though sustained volume declines may signal reduced investor interest in Ethereum-based trading.