Crypto Trading Volumes Plunge This November: What’s Behind the Sudden Slump?

Crypto markets hit the brakes hard this November. Trading volumes across major exchanges nosedived—a stark contrast to the roaring activity seen earlier in the year. The usual buzz of perpetual swaps and spot markets faded into a concerning quiet.

The Liquidity Squeeze

Market depth evaporated. Bid-ask spreads widened as market makers pulled back, leaving traders staring at choppy order books. The high-frequency hum of algorithmic trading dialed down, replaced by hesitant, retail-sized orders. It felt less like a market and more like a ghost town—the kind of silence that makes even seasoned pros check their connection.

Beyond the Seasonal Dip

Sure, some point to year-end portfolio rebalancing—the old 'sell in May and go away' adage getting a crypto twist. But this feels different. The slump cuts deeper than a typical holiday slowdown. Where's the institutional flow? Where are the large OTC desks? Their absence shouts louder than any chart pattern.

A Market in Search of a Catalyst

Every asset class needs a story, a spark. Equity markets have earnings calls and Fed meetings. Crypto, for now, seems stuck waiting for the next macro narrative or regulatory green light. Without it, volatility itself gets traded away, leaving volume charts flatlining. It's the financial equivalent of watching paint dry, only the paint is a multi-trillion-dollar asset class.

The takeaway? This isn't just a pause—it's a stress test. A market that thrives on momentum is learning to breathe in stagnant air. Whether this is the calm before the next storm or a sign of something more structural remains the billion-dollar question. After all, in crypto, sometimes the most bullish signal is when even the cynics get bored and look away.

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$88,843, 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.