POPA ReconSpot DEX Volume on Ethereum Drops 76% From Its Peak
Spot DEX Volume on Ethereum Drops 76% From Its Peak Monthly spot DEX volume on Ethereum fell to $30.2B in July, down 76% from the $130B peak set in August 2025 and back to levels last seen in October 2023, per CryptoRank and DeFiLlama. The shape matters more than the number. This isn't a crash - it's eleven months of steady bleed averaging 12.5% a month, with two brief attempts to stabilize in January and February that failed to hold. At that pace, Ethereum spot DEX volume reaches its five-year low of $21.2B in roughly three months. Two things are happening at once, and only one of them is…
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