Latin America’s exchange flows grew ninefold in three years: Dune

Latin America’s (LATAM) centralized crypto exchanges grew from niche platforms into critical financial infrastructure in three years, with flows increasing ninefold, according to new research.

Dune Research’s LATAM Report revealed that 2021 annual crypto exchange flows in the region totaled $3 billion. In 2024, the total exchange flows for LATAM reached $27 billion, up by 800%, signaling strong regional digital asset growth. 

In its early years, LATAM crypto activity was modest by global standards. Still, a fragmented ecosystem of small brokers and over-the-counter (OTC) desks grew into integrated exchanges serving retail and institutional clients. 

According to Dune Analytics, flows from early 2021 to mid-2025 through LATAM-based centralized exchange platforms showed a clear arc of “growth maturity and consolidation.” 

Bitso remains the most dominant LATAM exchange by flows

Since 2021, crypto exchange Bitso has dominated the Latin American market. At the time, the exchange processed over $2 billion in flows, more than 66% of all the flows in the region. 

In 2024, the exchange processed more than $25.2 billion in flows, or 1,160% growth in three years. Its share of exchange flows grew to 93% during the same period. 

Aside from Bitso, players like Mercado Bitcoin and Lemon Cash also saw increased exchange flows. The Dune report also highlighted that the flow increase happened without a sustained bull run. 

“Crucially, this growth came without a sustained bull market, reflecting a shift toward real-world utility such as cross-border commerce, remittance settlements, and currency hedging,” Dune said. 

Ethereum accounted for over $45.5 billion in overall flows since 2021

The report showed that Ethereum-based transfers dominated the market. From January 2021 to July 2025, network transfers have reached over $45.5 billion. This amount is roughly 75% of all recorded flows throughout the period. 

The report said that Tron ranked second in terms of transfers, with over $12.5 billion. The report said this was largely driven by low-cost Tether transfers in the network.

As of Tuesday, Tron holds the largest amount of USDT, with $81.8 billion in tokens circulating on the network, according to Tether. Ethereum follows with $80.3 billion. 

Solana ranks third in LATAM with $1.45 billion in total flows, while Polygon follows with $1.17 billion.