Ethereum DEX spot volume falls back to October 2023 level

Ethereum-based DEX spot volume fell to $29 billion in July, down 76% from the all-time high of $122 billion in August 2025 and back to October 2023 levels, according to CryptoRank data. Wu Blockchain said trading volume has been declining by an average of 12.5% a month recently, and projected that if the trend continues, the figure could drop to $21.2 billion in about three months, marking the lowest level in the past five years.