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Crypto exchanges recorded a clear rebound in October 2025. Total spot trading volumes across major centralized exchanges (CEX) rose 36% month over month. Derivatives activity increased 27% during the same period. The data, compiled by the Wu Blockchain team, points to stronger interest in spot markets.
Market conditions set the tone early in the month. Traders positioned for “Uptober” and reacted to the volatility window of October 10 and October 11. Binance and other venues reported heavy trading from both retail and institutional investors during the swing. According to Similarweb figures cited in the report, exchanges also saw increased traffic, with overall visits up 5% compared to September.
Analysts highlighted a broad lift in activity beyond Bitcoin. Cryptopolitan previously noted that BTC posted its second-highest month for spot trading. That momentum spread to other listed assets. Stablecoin deposits also climbed, which supported deeper order books and faster rotation across pairs.
KuCoin stood out among centralized exchanges. The platform’s spot volume jumped 240% in October following a slower run during the previous months. KuCoin’s derivatives trading also rose 185% month over month. Bitfinex gained 67% in spot activity, while Gate.io advanced 45%. Binance increased derivatives volume by 26% from a large base and lifted spot trading by 32.5%.
Not all markets moved in lockstep. Upbit posted a slight 0.9% decline in spot volume to $80.4 billion. Bitget and Bybit experienced slower spot gains compared with leaders. Traffic trends also shifted. Gate.io, Bitfinex, and Upbit experienced increased visits, while HTX lost 32% of its web traffic in October.
The report attributes the reshuffle to several drivers. New token listings attracted flows toward mid-tier exchanges. Promotional campaigns and lower fees helped retain activity. Some platforms faced complaints about liquidations during the mid-October swings, which pushed traders to seek alternatives. The authors cautioned that some figures may reflect bot-driven or wash trading.
Decentralized exchanges (DEX) matched the CEX rebound. Total DEX activity surpassed $614 billion in October. The DEX-to-CEX share held steady close to 19%, indicating broad-based growth rather than a shift in market share. Daily DEX volumes now average more than $14 billion and continue to show strength into November.
Chain-level data shows a tight race. Solana led October with more than $148 billion in DEX volume. Ethereum followed closely at about $143 billion. Retail adoption and better integrations supported the trend. Traders used DEXs for altcoin swaps, wrapped BTC and ETH transfers, and access to decentralized perpetuals.
Liquidity conditions improved across the board. Stablecoin supply supported faster internal rotation between venues and assets. If the current momentum is maintained, volumes might reach mid-2024 levels. However, participants continue to monitor data quality, since some exchange metrics may include non-organic activity.
Also Read: Whales Dump $300M as Ethereum Price Struggles Below $4,000
