Crypto trading activity slowed sharply in July. CoinDesk Research said combined centralized spot and derivatives volume fell 23.9% from a month earlier to $3.76 trillion, the lowest since November 2023, with spot volume down 31.2% to $727 billion and derivatives volume down 21.9% to $3.03 trillion. Derivatives accounted for 80.6% of total CEX turnover, the highest share since September 2023, while decentralized exchanges captured a record 19.5% of spot trading and 14.9% of futures activity. A separate July 2026 venue-level report cited by WuBlockchain showed spot trading across 14 major exchanges fell 21.7% to $429.0 billion from $547.9 billion in June, with all 14 exchanges posting month-over-month declines. Binance led with $196.5 billion, or 45.8% of tracked spot volume, ahead of OKX at $41.6 billion and Bybit at $36.3 billion, leaving the top three with a combined 64.0% share. Uniswap recorded a smaller 9.8% decline than most centralized venues, while Bitfinex, Coinbase and Bybit posted some of the steepest drops. Together, the figures point to weaker cash-market participation, relatively better resilience on some decentralized venues, and continued concentration of liquidity on the largest exchanges, with August data likely to show whether July was a seasonal slowdown or the start of a more structural shift.