DEX-to-CEX Spot Ratio Rises Despite Decline in DEX Volume

ARK Invest reported that the ratio of decentralized exchange (DEX) to centralized exchange (CEX) spot trading increased to approximately 27.4% in the first quarter of 2026, despite a 26% drop in DEX spot volume to around $832 billion. According to NS3.AI, this shift occurred during a risk-off period, with CoinGlass data indicating a 22% decline in Bitcoin's value. Additionally, stablecoin swap volume experienced a slight increase of 0.7%, reaching approximately $185 billion, while tokenized asset swaps surged by about 83% to roughly $4.6 billion.