[DigitalToday reporter Chi-gyu Hwang] Global spot trading volume on centralized cryptocurrency exchanges totalled about $1.13 trillion in December, dropping to the lowest level since September 2024, The Block reported on Thursday.

The figure was down 32% from $1.66 trillion in November and down 49% from $2.23 trillion in October.

By exchange, Binance recorded the highest trading volume at $367.35 billion, followed by Bybit, HTX, Gate and Coinbase.

Vincent Liu, chief investment officer at Kronos Research, said seasonal factors including year-end sentiment, limited volatility and position unwinding combined to weigh on trading. He said capital leaving centralized exchanges and shifting to alternative trading routes also had an impact.

Decentralized exchanges (DEX) also saw trading volumes fall. Total volume in December was $245 billion, down 20% from the previous month and down 46% compared with October. Uniswap, a leading DEX, still held the top market share at $60 billion.

The DEX share of overall cryptocurrency trading also drew attention after rising to 17.95% in December.

That was a notable increase from 15.92% in November and 10.32% in December 2024, a year earlier, Cointelegraph reported.

Liu said the rise in DEX share reflected a structural shift that prioritises self-custody, transparency and capital efficiency. He said improvements in on-chain trading technology and incentives to attract inflows through airdrops were continuing to drive trading.