In November, spot trading volume on cryptocurrency exchanges fell to $1,59 trillion, the lowest since June 2025. The same figure in October was $2,17 trillion.
The leader remained Binance, reaching $599,34 billion in November, down from $810,44 billion a month earlier, reflecting a decline in trading volume in the sector as a whole. bybit ranked second in trading volume with $105,8 billion, followed by Gate.io with $96,75 billion and Coinbase with $93,41 billion.
According to DefillamaIn November, trading volume on decentralized exchanges (DEXs) also fell to $397,78 billion, down from $568,43 billion in October. This marks the lowest monthly DEX trading volume since June.
Data Defillama
Among decentralized exchanges (DEX), the highest monthly trading volume in November was seen at Uniswap — $79,98 billion, down from $123,88 billion in October. PancakeSwap followed with $70,57 billion, down from $102,02 billion in the previous month.
The ratio of DEX to CEX trading volumes fell to 15,73% in November from 17,56% in October, indicating a further shift in market activity towards centralized exchanges.
The cryptocurrency market declined in November: Bitcoin fell from about $110,000 at the beginning of the month to a low of about $81,000 on November 21. Over the past 24 hours, the world’s largest kriptovalyuta lost 5,1%, reaching $86,500 on the morning of December 1.