November Ethereum Trading Volume Hits $375 Billion, Still Trails August Peak
In November, the trading volume of Ethereum surged to an impressive $375 billion while exchange-traded fund activity hit close to $35 billion. Despite facing significant selling pressure that led short-term holders to give up, the second-largest cryptocurrency maintained a value above $3,050.
Throughout 2025, Ethereum’s monthly trading volume experienced fluctuations, initially dropping to a range between $280 billion and $380 billion during the market’s slow start. However, a resurgence occurred in the middle of the year, driven by increased volatility, renewed institutional interest, and broader macroeconomic changes. The total monthly trading volume peaked in August, surpassing $599 billion, showcasing one of the most significant liquidity expansions in recent times.
Following the peak in August, trading activity cooled down a bit, but there was still active participation from both retail and institutional players. Binance continued to be a crucial player in Ethereum trading, with its spot volume hitting around $198 billion in November. The exchange’s efficiency, depth, and tight spreads solidified its position as the prime marketplace for major crypto assets.
Institutional involvement through ETF trading volume also witnessed a significant surge in November, reaching nearly $35 billion. This increase demonstrated a strong interest from traditional investors looking for regulated exposure to Ethereum. The spike in trading activity was attributed to improved market liquidity and robust trader engagement amidst swift price fluctuations.
The market was characterized by high volatility throughout the year, with macroeconomic developments influencing trading behavior. Large traders played a crucial role, responding to changes in the futures market and macro shifts with high-volume transactions that drove liquidity spikes.
Ethereum made efforts to stabilize above $3,000 after experiencing a sharp decline over multiple weeks, dropping to its lowest point since early 2025. The weekly chart indicated that ETH rebounded from a key confluence zone near the 200-week moving average, a critical area where long-term investors typically enter the market.
While the rebound suggested that buyers were defending crucial support levels, the market’s momentum remained delicate. The breakdown from the mid-2025 uptrend was evident in the chart, with the price slipping below the 50-week and 100-week moving averages, turning them into resistances. To regain momentum, Ethereum will need to reclaim these moving averages.
Overall, the market structure showed a pattern of lower highs since the peak in September, placing Ethereum in a vulnerable position. Bulls need to protect the $3,000 region and aim for a higher low to prevent a deeper retracement.
