• Decentralized exchange (DEX) trading volume surged to an all-time high of $613.3 billion in October from nearly $500 billion in September, marking a sharp increase as traders repositioned their holdings.
• According to DefiLlama data, Uniswap recorded the largest monthly volume among DEXs with $170.9 billion in October, up from $106.5 billion in September. PancakeSwap ranked second with $101.9 billion, compared to $79.8 billion the previous month.
• "Traders are flocking on‑chain not just for self‑custody and transparency, but for liquidity mining, and airdrops driving max engagement," said Vincent Liu, CIO of Kronos Research.
• Meanwhile, centralized exchange volume also reached a high in October, hitting $2.17 trillion — the highest since January 2025. The Block's data dashboard shows that the October volume rose about 28% from September's $1.69 trillion.
• Binance remained the largest exchange with a monthly volume of $810.4 billion last month, compared with $636.5 billion in September. Gate recorded the second-largest monthly volume at $175.6 billion, followed by Bybit with $156.9 billion and Bitget with $134.7 billion.
• The DEX-to-CEX volume ratio climbed to 19.84% in October, up from 18.83% the previous month, indicating a growing interest in decentralized platforms, according to The Block's data.
• "One key reason for the jump in DEX and CEX volumes was the sharp market drop on Oct. 10, which created strong volatility and led to heavy trading as investors repositioned," said Min Jung, research associate of Presto Research. "Trading could stay active if new volatility drivers — like U.S.-China trade headlines or macro data — emerge in the coming weeks."
• On Oct. 10, bitcoin fell from about $121,500 to $110,000, and then further dropped to a low of around $104,600 on Oct. 17. The world's largest cryptocurrency has since partially recovered to $107,980 as of late Sunday night, according to The Block's price page.

Kronos Research's Liu told The Block that the surge in the October exchange volume was mainly driven by traders pursuing fresh narratives such as BNB Chain memecoins, privacy coins, and ETF-driven flows. "With momentum back, November's activity could stay hot as capital hunts for the next wave," said Liu.

#DEX #DecentralizedExchange #ETFs #Jucom #cryptocurrency

• Four exchange-traded funds tracking separately Solana (SOL), Litecoin (LTC), and Hedera (HBAR) will list this week, expanding the slate of spot crypto ETFs trading in the U.S. following a long list of altcoin funds proposed to regulators.
• The Canary Litecoin ETF and Canary HBAR ETF are already effective as of this writing and will begin trading on the Nasdaq on Tuesday. Bitwise said that it's Solana Staking ETF is also effective and will debut on Tuesday, while the Grayscale Solana ETF—a conversion from an existing closed fund—will list on Wednesday, Bloomberg ETF Analyst Eric Balchunas wrote on X Monday.

The sudden turn of events–unexpected among many observers–comes as the NYSE and Nasdaq certified 8-A filings that offer fund issuers an alternative route to the recent ETF approval process.

Introducing $BSOL — the Bitwise Solana Staking ETF. Starts trading tomorrow.

- First U.S. ETP to have 100% direct exposure to spot SOL - Maximizing Solana’s 7%+ average staking reward rate* - Targeting 100% of assets staked - Staking through Bitwise Onchain Solutions, powered by… pic.twitter.com/Vo8Ko0qOCn

— Bitwise (@BitwiseInvest) October 27, 2025

Issuers file these forms with the SEC to register certain securities under the Securities Exchange Act of 1934. The funds met the generic listing standards adopted by the SEC in September for commodity-based trusts, Canary noted.

The listings of the four ETFs would end months of speculation about when the funds will begin trading, with the U.S. government shutdown—now approaching its fourth week—complicating matters. In an operations contingency plan posted Oct. 1, the agency said that it would "not review and approve applications" for products or provide other "non-emergency support to registrants."

The SEC is currently weighing several dozen crypto-focused funds covering individual altcoins, combinations of assets and strategies. Among them are also spot funds tracking Cardano, Avalanche, and Dogecoin.

• Bloomberg analysts had forecast initial SEC green-lighting for Solana and other altcoin ETFs earlier this month, and set 100% odds for the SOL products and nearly the same for other funds. On September 15, Canary updated its prospectus for its Litecoin fund.
• Decrypt also reached out to Grayscale Investments and the SEC for comment, but did not immediately receive a response from either party.
• Investors have been scrambling to address investors' voracious appetite for crypto-focused funds amid a more favorable regulatory and political environment for the industry, and following the dramatic success of spot Bitcoin and Ethereum ETFs, which won approvals last year.
• The 11 BTC funds now manage about $150 billion in assets (AUM), according to data analytics platform CoinGlass, with BlackRock's iShares Bitcoin Trust—the fastest-growing ETF in the industry's 32-year history—accounting for more than half the total. Ethereum funds' AUM now surpasses $27 billion.
• Solana, the sixth-largest cryptocurrency with a market capitalization of more than $111 billion, was recently trading above $199, up 0.5% over the past 24 hours, as investors grew upbeat about risk-on assets after a favorable turn in U.S.-China trade talks.
• In a Myriad market, just 36% of users believe that SOL will hit an all-time high this year. (Disclaimer: Myriad is a unit of Dastan, the parent company of an editorially independent Decrypt.)

#cryptocurrency #ETFs#Solana #Litecoin #Hedera