Catenaa, Monday, December 1, 2025- Global crypto trading activity fell sharply in November as spot volume on centralized exchanges slid to $1.59 trillion, the lowest level since June.
The total marked a drop of nearly 27 percent from October’s $2.17 trillion, according to data from The Block. Market analysts linked the pullback to fading volatility and reduced momentum after October’s rally.
Binance led centralized platforms with $599.34 billion in November, down from more than $810 billion a month earlier. Bybit followed with $105.8 billion. Gate.io and Coinbase posted $96.75 billion and $93.41 billion, showing broad cooling across major exchanges.
Analysts said traders moved into profit-taking as price swings narrowed. They noted that compressed conditions limited short term opportunities and slowed activity across most pairs.
Decentralized exchanges saw a similar trend. Monthly DEX trading volume dropped to $397.78 billion, down from $568.43 billion in October, the lowest total since June. Uniswap recorded $79.98 billion, a marked decline from October. PancakeSwap followed at $70.57 billion.
The DEX to CEX volume ratio dipped to 15.73 percent from 17.56 percent. Analysts said thinner ranges led traders toward centralized venues due to deeper order books and tighter execution patterns. They added that easing speculative flows and softer incentives in DeFi also weighed on turnover.
Analysts also observe that broader market pressure shaped the month.
Bitcoin fell from about $110,000 in early November to near $81,000 by Nov. 21. Spot bitcoin ETFs posted $3.48 billion in net outflows, the largest since February.
