This November, the cryptocurrency sector saw a significant dip in trading activities, marking its lowest point since June. According to data from CryptoAppsy, centralized exchanges recorded a spot trading volume of $1.59 trillion, a steep fall from October’s $2.17 trillion. This represents a 26.7% decrease on a monthly basis, highlighting the hurdles the market encountered during this timeframe.
Why Did Major Exchanges Experience a Volume Decline?
Key platforms like Binance were hit hard by the drop in market activity. Despite maintaining a top position, Binance’s transactions fell from $810.44 billion in October to $599.34 billion in November. Similarly, Bybit, Gate.io, and Coinbase also saw their volumes dip considerably, signaling a broad challenge across major exchanges.
Insights from Vincent Liu, the Chief Investment Officer at Kronos Research, suggest a combination of profit-taking after prior price surges and reduced market volatility contributed to the decline. He also pointed out how these factors have made trading tougher, resulting in more conservative positions among investors and lower liquidity.
What Impact Was Seen in Decentralized Exchanges?
The trend wasn’t limited to centralized exchanges; decentralized exchanges (DEXs) also witnessed a significant volume decline. DefiLlama’s data shows DEX trading reduced from $568.43 billion in October to $397.78 billion in November. Uniswap and PancakeSwap led among DEXs, but their activities also reached their lowest since June.
The proportion of DEX volumes to those of centralized ones decreased from 17.56% to 15.73%. Liu indicated this was due to market structural changes rather than shifts in investor attitudes. Centralized venues were more appealing in the narrowed trading pools because of their liquidity and pricing advantages.
The performance of the ETF market mirrored this downturn, as U.S. spot Bitcoin ETFs recorded a net outflow of $3.48 billion, contrasting with the $3.42 billion inflow seen in October. This marks the largest monthly withdrawal since early 2025, reflecting a decline in institutional interest.
Key Indicators from November's Crypto Landscape
- •Binance’s Volume: $599.34 billion in November, down from $810.44 billion.
- •Bitcoin Price Trend: Dropped from $110,000 to $81,000 in three weeks, stabilizing around $86,500.
- •DEX Market Share: Fell from 17.56% to 15.73% against centralized exchanges.
“This shift reflects how structural market factors influence investor behaviors more than sentiment changes,” said Liu.
November’s downturn showcases not only price fluctuations but reveals underlying market structural challenges. As this phase hints at a recalibration within the crypto trading ecosystem, all eyes are on the future strategies that investors and platforms might adopt to navigate emerging trends.