Crypto trading volumes fall to weakest since June as CEX and DEX activity drops
Crypto exchange trading volumes fell sharply in November to about $1.6 trillion, the weakest monthly total since June, after a late‑2024 surge pushed activity above $3 trillion. Major centralized exchanges — including Binance, OKX, Coinbase, Bybit and Kraken — all reported lower monthly volumes. Decentralized exchange (DEX) activity declined as well: DeFiLlama shows daily DEX volume around $8.1 billion and a 30‑day total near $399 billion (about a 22% week‑over‑week drop). Daily DEX volumes have shifted from January–February spikes above $30–$50 billion to a recent range of roughly $5–$15 billion. Drivers cited include prolonged price choppiness, regulatory uncertainty, reduced institutional inflows and thinner liquidity, which raises the risk of sharper price swings on smaller trades. On‑chain metrics such as wallet growth, staking and some whale accumulation (notably BTC) remain steady, but without renewed trading activity these signals may not translate into immediate price gains. For traders, expect higher short‑term volatility and wider spreads from reduced liquidity; sustained recovery likely requires clear regulatory progress, renewed institutional flows or supportive macro catalysts.
Bearish
The drop in both centralized exchange (CEX) and decentralized exchange (DEX) volumes to the weakest monthly levels since June implies reduced market participation and thinner liquidity. Lower trading volumes increase the likelihood of larger price moves on smaller orders (higher short‑term volatility) and typically discourage large institutional flows, which can prolong sideways or downward price pressure. Although on‑chain metrics such as wallet growth, staking and some whale accumulation (including BTC) signal ongoing interest, these do not guarantee immediate price appreciation without active trading and fresh liquidity. Therefore the immediate price impact is likely negative: traders should expect wider spreads, more volatile price action on order books with less depth, and a wait‑and‑see stance until clearer regulatory or institutional catalysts emerge. Over the longer term, a recovery would depend on renewed institutional participation, clearer regulation, or positive macro developments; absent these, subdued volumes could persist and keep downward or neutral pressure on prices.