[Trading Volume on Centralized Exchanges Declined Month-on-Month in September, Market Sentiment Turns Cautious] A report by The Block shows that cryptocurrency market trading activity significantly slowed down in September, with the total spot and derivatives trading volume on centralized exchanges (CEX) declining compared to August. This trend reflects a cooling of overall market activity in the absence of major positive catalysts. Although key assets like Bitcoin experienced price fluctuations at the beginning of the month, the drop in trading volume indicates that investor sentiment has turned cautious, and market liquidity has failed to sustain its previous strong performance, entering a phase of seasonal adjustment.