Crypto exchange activity slowed sharply in December, with spot trading volume on centralized exchanges falling to $1.13T, the lowest level in 15 months. > That marked a 32% drop from November and nearly a 50% decline from October, driven by low volatility, seasonal sentiment, and year end repositioning. > Decentralized exchanges also saw weaker activity, with volume down 20% month over month to $245B. > Despite the slowdown, DEXs continued to gain relative share, with the DEX to CEX volume ratio rising to nearly 18%. > The volume decline coincided with a broader market correction, as Bitcoin consolidated below recent highs and overall participation remained cautious. > Analysts noted that structural trends such as rising DEX adoption and incentive driven trading continue to reshape market behavior.