Crypto exchange monthly spot volume fell to $1.59 trillion in November, the lowest level since June.
This is a 26.7% drop from October’s $2.17 trillion, making November the weakest month in volume since June’s $1.14 trillion, according to The Block’s data dashboard.
Binance remained the largest exchange by volume, recording $599.34 billion in November. However, the figure represents a sharp decline from its October volume of $810.44 billion, reflecting a sector-wide pullback. Bybit claimed the second-highest volume at $105.8 billion, followed closely by Gate.io with $96.75 billion and Coinbase with $93.41 billion.
“Centralized exchange spot volumes slid as the market moved from October’s frenzy to November’s flatness, with volatility vanishing and momentum mellowing,” Vincent Liu, CIO of Kronos Research, told The Block. “Most of the drop came from post-rally profit taking and compressed conditions, a classic case of traders cooling after a crowded climb.”
Decentralized exchange (DEX) trading volume also fell to $397.78 billion in November, down from $568.43 billion in October, according to DefiLlama data. This is the lowest monthly total for DEXs since June.
Among DEXs, Uniswap saw the largest monthly volume in November at $79.98 billion, down from $123.88 billion in October. PancakeSwap followed with $70.57 billion, compared with $102.02 billion the previous month.
The DEX-to-CEX volume ratio slipped to 15.73% in November, down from 17.56% in October, indicating a further shift in market activity back toward centralized exchanges, according to The Block’s data.
“The drop in the DEX-to-CEX ratio was driven less by sentiment and more by structure,” said Liu of Kronos. “November’s thinner trading ranges favored CEXs, where deeper liquidity and tighter spreads made execution more efficient. Meanwhile, shrinking speculative flows and softer DeFi incentives slowed DEX turnover, reinforcing the rotation.”
The crypto market generally declined in November, with bitcoin dropping from around $110,000 at the start of the month to a low near $81,000 on Nov. 21. The world’s largest cryptocurrency fell 4.6% over the past 24 hours to $86,500 as of 11:20 p.m. ET Sunday, according to The Block’s price page.
Spot bitcoin exchange-traded funds also saw outflows overtake inflows in November. U.S. spot bitcoin ETFs posted $3.48 billion in net outflows for the month, compared with $3.42 billion in net inflows in October, according to SoSoValue data. It was the largest monthly outflow since February.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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