Bitcoin News Today: DEXs Gain 20% Share as Crypto Market Contracts on Regulatory and Economic Pressures

The global crypto market experienced a significant contraction in November 2025, with total exchange volume dropping to $1.6 trillion-the lowest level since June, according to data highlighting a shift in trading dynamics between centralized (CEX) and decentralized (DEX) platforms. The decline reflects broader market corrections, regulatory pressures, and investor sentiment shifts following months of speculative fervor.

The DEX to CEX spot trading ratio, a key metric for gauging decentralized finance adoption, reached 21.2% in November 2025, more than tripling since January 2021 when it stood at 6.0%. This growth, however, has been uneven, with the ratio fluctuating between 5.4% and 14.6% over the past three years. The recent surge to 21.2% was driven by Solana-based memecoin speculation and increased activity on platforms like Raydium and PancakeSwap. Despite this, the ratio has stabilized around 20% for five consecutive months, indicating a potential plateau in DEX market share.

Perpetual (perp) trading volumes on DEXs also showed resilience, with the DEX to CEX perps ratio hitting an all-time high of 11.7% in November 2025. This marked the 14th consecutive month of growth, fueled by platforms like Hyperliquid and Lighter, which collectively generated $2.74 trillion in perps volume in 2025. However, experts caution that the sustainability of these figures remains uncertain as incentive-driven trading activity wanes.

The broader crypto market faced headwinds in November, with Bitcoin plummeting to a low of $80,000-a 35% decline from its October peak. U.S.-listed Bitcoin spot ETFs recorded $3.7 billion in net outflows for the month, surpassing February's record of $3.6 billion. BlackRock's business development director, Cristiano Castro, attributed the outflows to normal market behavior, stating, "Any asset that starts to experience compression usually has this effect, especially in an instrument heavily controlled by retail investors". The ETF's outflows coincided with a broader market correction, as the global crypto market cap fell below $3 trillion for the first time since April.

Regulatory developments and macroeconomic factors further compounded the downturn. China's industrial profits fell 5.5% year-on-year in October, exacerbating concerns about trade barriers and slowing economic growth. While the U.S.-China trade tensions have eased slightly, domestic challenges such as high youth unemployment and a stagnant property market continue to weigh on consumer confidence.

Looking ahead, the market's ability to rebound will depend on renewed investor confidence and regulatory clarity. DEXs have demonstrated stickiness in their growing market share, but CEXs retain dominance in perps trading and institutional activity. Analysts suggest that a stabilization in Bitcoin's price and a return to positive ETF flows could signal the market's next phase, though the path remains uncertain amid persistent volatility.