November Market Activity Analysis
In November, the cryptocurrency market witnessed a notable decline in trading volumes, hitting the lowest levels since June. According to CryptoAppsy data, the monthly spot trading volume on centralized exchanges plummeted to $1.59 trillion, a sharp decrease from October’s $2.17 trillion. This significant drop, quantified at 26.7% on a monthly basis, has underscored the challenges facing the crypto market during this period.
Significant Decrease in Centralized Exchanges
The decrease in market volume was particularly evident in major players such as Binance. Despite retaining its leading position, Binance experienced a sharp fall from $810.44 billion in October to $599.34 billion in November. Following Binance, Bybit with $105.8 billion, Gate.io with $96.75 billion, and Coinbase with $93.41 billion also reported substantial declines in their trading volumes.
Vincent Liu, CIO of Kronos Research, attributed the decline in volumes to profit-taking after October’s rallies and a decrease in volatility, which tightened trading conditions. This slowdown in market activity prompted investors to narrow their positions, further weakening liquidity across the market.
The decline in November also matched the downward trend in cryptocurrency prices. Bitcoin, which was valued at $110,000 at the beginning of the month, dropped to around $81,000 by November 21st. By the end of the month, Bitcoin was trading at $86,500 and had fallen 4.6% in just the last 24 hours.
DEX Volume Also Declined
Decentralized exchanges (DEX) also experienced a steep decline in volume over the month. Data from DefiLlama indicates that DEX trading volume fell from $568.43 billion in October to $397.78 billion in November. Uniswap recorded the highest volume at $79.98 billion, with PancakeSwap trailing behind at $70.57 billion. These figures reveal that the DEX market has descended to its lowest level since June.
The total DEX volume ratio to centralized exchanges dropped from 17.56% to 15.73%. Liu noted that this decline was more related to market structure than investor sentiment. In narrow trading ranges with reduced liquidity, investors preferred centralized exchanges due to their depth and spread advantages.
The ETF market also exhibited a downturn, with U.S. spot Bitcoin ETFs observing a net outflow of $3.48 billion in November, a stark reversal from the $3.42 billion inflow recorded in October. This largest monthly outflow since February 2025 signals a waning institutional appetite for crypto investments.

