Decentralized Venues Pulled Share From CEXs in a Risk-Off Quarter, ARK Invest Finds

Decentralized exchanges (DEXs) are eating into centralized exchanges’ market share, with the DEX-to-CEX spot ratio climbing to around 27.4% in Q1 2026. The share gain came even as absolute volume fell 26% to $832 billion, per ARK Invest’s DeFi Quarterly report. A Risk-Off Quarter for Crypto The first quarter of 2026 was a rough stretch