According to Odaily Odaily, spot trading volume on crypto exchage fell to $1.59 trillion in November, a 26.7% decrease from $2.17 trillion in October, marking the lowest level since June. Binance remained in first place with $599.34 billion, but this was a significant drop from October; Bybit, Gate, and Coinbase recorded $105.8 billion, $96.75 billion, and $93.41 billion, respectively. Vincent Liu, Chief Investment Officer of Kronos Research, stated that after the overheated market in October, November saw a shift towards low volatility and low momentum, with the decline in trading volume mainly due to profit-taking and narrowing trading ranges.
Data from DefiLlama shows that decentralized exchange (DEX) trading volume also fell to $397.78 billion in November, the lowest since June; Uniswap and PancakeSwap recorded $79.98 billion and $70.57 billion respectively, both significantly lower than the previous month. The DEX/CEX trading volume ratio decreased from 17.56% in October to 15.73%. Liu believes this reflects a change in trading structure: narrower trading ranges make CEXs, with their greater depth and spread advantages, more efficient, while weaker on-chain incentives and speculative activity drag down DEX trading volume.
In the market, Bitcoin fell from approximately $110,000 to a low of around $81,000 in November; as of press time, it had fallen 4.6% to $86,500 in the past 24 hours. SoSoValue data shows that US spot Bitcoin ETFs recorded a net outflow of $3.48 billion in November, the largest monthly outflow since February. (The Block)
