In November, the cryptocurrency market experienced notable fluctuations in price movements and a significant drop in activity. According to the latest Blockchain report by Presto Research, the number of active users, total value locked (TVL), protocol fees, and decentralized exchange (DEX) volumes all saw simultaneous declines. This scenario highlights a period where institutional interest is rising, yet individual participation is weakening.
Decline in Key Indicators Like TVL and DEX Volume
Presto Research data reveals that Tron, BNB Chain, and Solana have maintained active user leadership for seven consecutive months. However, due to market value losses, the dollar-based value of assets in TVL sharply decreased. Notably, Bera Chain’s TVL halved within the month, with contractions over 40% on Sui and Sonic networks, and nearly 30% on Avalanche.
Conversely, Ethereum maintained its leadership in cross-chain bridge traffic and recorded a $1.5 billion increase in stablecoin balances. Yet, these gains were insufficient to offset the overall negative trend. Transaction fees on Solana, Ethereum, and Base networks declined sharply, while Uniswap’s and Curve’s volumes decreased by $500 million and approximately $300 million, respectively, clearly illustrating the slowdown in network usage.
Mid-November saw Bitcoin’s price dip below $84,000 before recovering to $92,000, emphasizing further fluctuations in on-chain activity. Analysts described the surge in futures purchases following Vanguard’s approval of spot crypto ETFs as the strongest “buying wave” since early 2023.
Increased Institutional Interest, Weak Individual Participation
Arca CIO Jeff Dorman termed the current downturn as one of “the strangest sales in crypto history.” Dorman clarified that interest rates or risks associated with stablecoins were not influential, attributing the selling pressure largely to “weary crypto-native investors.” In contrast, the institutional sector appears to be gaining strength through ETF access, as seen with Vanguard opening crypto ETF trading to millions of its clients, increasing interest in Bitcoin, though lacking the same momentum among retail investors.
This divergence has become a key factor explaining weaknesses in on-chain data. The market’s inability to enhance individual activity despite institutional capital inflow has led to a quiet decline in the DeFi sector. Consequently, November 2025 stood out as a month marking a resting phase for the market, both technically and behaviorally.