According to Milk Road, decentralized exchange (DEX) trading volume on the top 5 blockchain networks has dropped sharply by 75% from January's $45 billion per day to around $10 billion per day as of May 2025. The DEX volume even reached a low of $3.4 billion in March, highlighting significant volatility not just in crypto prices but in platform usage as well (source: Milk Road, Twitter, May 17, 2025). This sharp decline in DEX activity signals reduced liquidity and potential challenges for traders seeking tight spreads or large order execution, impacting both short-term trading strategies and broader market sentiment.