Crypto Trading Volumes Hit November Low, Hinting at Unpredictable Market Swings

• Crypto trading volumes hit a yearly low in November 2025, falling 20% from October to $1.6 trillion.

• Both centralized exchanges (CEXs) and decentralized exchanges (DEXs) experienced significant drops in activity.

• DEX volumes totaled around $399 billion over 30 days, down 22% week-over-week, according to DeFiLlama data.

Crypto trading volumes plunge in November 2025: Discover why activity hit $1.6 trillion low and what it means for market momentum. Stay informed on key trends—read more now!

What Caused the Decline in Crypto Trading Volumes in November 2025?

Crypto trading volumes in November 2025 plummeted to approximately $1.6 trillion, the lowest since June, as traders pulled back from the market following months of erratic price movements. This drop was widespread, affecting major platforms and indicating a broader slowdown in participation. Data from The Block highlights a consistent downward trend since the late-2024 surge, with no significant recovery in sight.

The reduction stems from heightened uncertainty in the cryptocurrency sector, where investors await clearer regulatory signals and macroeconomic improvements. Centralized exchanges, which dominate trading, saw uniform declines, underscoring a lack of fresh catalysts to drive engagement.

How Do DEX Volumes Compare to CEXs in This Downturn?

Decentralized exchanges (DEXs) mirrored the struggles of centralized ones, with daily volumes hovering at $8.1 billion and monthly totals reaching $399 billion—a 22% decrease from the prior week, per DeFiLlama. This is a stark contrast to earlier 2025 peaks, where DEX activity routinely exceeded $30 billion daily in January and February.

Supporting data shows that even brief upticks, like in October, failed to sustain momentum, leaving volumes in the $5-15 billion daily range. Experts note that thinner liquidity on DEXs amplifies price volatility, deterring retail and institutional traders alike. “The synchronized drop across platforms signals deeper market fatigue,” observed a senior analyst from a leading blockchain research firm.

Frequently Asked Questions

What Factors Are Driving the Low Crypto Trading Volumes in 2025?

The primary drivers include prolonged market choppiness, regulatory uncertainties, and a lack of major bullish catalysts since late 2024. Trading fell from over $3 trillion in December 2024 to $1.6 trillion in November 2025, with exchanges like Binance and OKX reporting sharp declines in user activity.

Will Crypto Trading Volumes Recover Soon After the November 2025 Dip?

Recovery depends on emerging positive developments, such as favorable regulations or economic shifts, but current trends suggest continued low activity. With volumes at multi-month lows, traders are cautious, and any rebound may hinge on renewed confidence from institutional players.

The markets seem tired.

Exchange trading volume fell to just $1.6 trillion in the month that went by. Looks like traders are stepping back after months of choppy price action.

Momentum is fading, so which way will we swing next?

Trading activity hits a yearly low

Crypto trading volumes slid in November, falling to around $1.6 trillion. This is the weakest month since June.

According to data from The Block, the drop was obvious across the board. Binance, which usually anchors overall activity, saw its monthly bar shrink noticeably from October’s spike.

Other major exchanges like OKX, Coinbase, Bybit, and Kraken also posted thinner volumes, with no platform showing an uptick.

Source: The Block

This isn’t a big surprise, though. Volumes have trended down since the late-2024 surge, when trading briefly pushed above $3 trillion in December. After a mild recovery in July and October, activity has fallen again.

The market is trading a lot less than before.

DEXs fall alongside CEXs

According to DeFiLlama, daily DEX volume was $8.1 billion at the time of writing, while the 30-day total dropped to about $399 billion, down 22% week-over-week.

Source: DeFiLlama

Activity has come a long way: January and February saw multiple spikes above $30-$50 billion a day, but recent weeks have mostly stayed in the $5-$15 billion range.

Even October’s brief pickup didn’t last, with November sliding back toward the lower end of the band.

Both retail and active traders have eased off.

The decline in DEX volumes underscores a broader retreat from on-chain trading, where users seek stability amid fluctuating gas fees and protocol uncertainties. Historical patterns indicate that such lows often precede periods of consolidation, but sustained recovery requires external boosts like adoption growth in DeFi applications.

What Does the Drop in Crypto Trading Volumes Mean for Prices?

Lower trading volumes typically lead to reduced liquidity, which can exacerbate price swings in the cryptocurrency market. With thinner order books on exchanges, even modest buy or sell orders can trigger significant movements, increasing volatility for assets like Bitcoin and Ethereum.

In November 2025, this dynamic was evident as Bitcoin’s price hovered without clear direction, reflecting the absence of robust participation. Analysts from firms like Chainalysis point out that institutional inflows, which drove 2024’s highs, have tapered off, leaving retail sentiment as the main driver—currently subdued.

Moreover, the parallel decline in both CEX and DEX activity suggests a holistic market cooldown. Futures open interest on platforms like Binance has also waned, correlating with spot volume drops and hinting at diminished leverage trading.

Are There Any Positive Signs Amid the Volume Decline?

While volumes are low, on-chain metrics like wallet growth and staking participation remain steady, indicating long-term holder confidence. Reports from Glassnode reveal increasing Bitcoin accumulation by whales, a potential precursor to future upside. However, without volume resurgence, these signals may not translate to immediate price action.

Frequently Asked Questions

How Does the November 2025 Crypto Trading Volume Compare to Previous Months?

November’s $1.6 trillion marked a sharp fall from October’s higher levels and the $3 trillion peak in December 2024. This represents the weakest monthly figure since June 2025, with a consistent downtrend post-summer recovery attempts.

Can Low Trading Volumes Predict a Market Bottom in Crypto?

Historically, volume lows have preceded bottoms during bearish phases, but in 2025’s context, they more likely signal ongoing consolidation. Traders should monitor for volume spikes alongside positive news, as isolated lows don’t guarantee reversals.

Key Takeaways

• Yearly Low Volumes: November 2025 saw crypto trading at $1.6 trillion, down across all major exchanges due to trader caution.
• DEX Impact: Volumes fell 22% to $399 billion monthly, highlighting reduced DeFi engagement since early 2025 highs.
• Market Implications: Expect heightened volatility from low liquidity; watch for catalysts to restore confidence and activity.

Conclusion

The sharp decline in crypto trading volumes during November 2025, reaching $1.6 trillion on CEXs and $399 billion on DEXs, underscores a market in need of renewed momentum. As platforms like Binance and decentralized protocols see reduced activity, the focus shifts to potential regulatory clarity and economic tailwinds. Investors should prepare for continued unpredictability but remain vigilant for emerging opportunities in this evolving landscape.