Crypto trading volume falls to $1.6t, lowest since June

Cryptocurrency exchange trading volume dropped to US$1.6 trillion in November, the lowest since June, according to The Block.

This marks a 27% fall from October’s US$2.2 trillion.

Binance recorded the highest centralized exchange volume at US$599.3 billion, down from US$810.4 billion in October.

Bybit, Gate.io, and Coinbase followed with US$105.8 billion, US$96.8 billion, and US$93.4 billion, respectively.

Decentralized exchange (DEX) volume also declined, reaching US$397.8 billion in November, the weakest since June, based on DefiLlama data.

Uniswap led DEXs with US$80.0 billion in volume, while PancakeSwap saw US$70.6 billion.

The DEX-to-centralized exchange ratio slipped to 15.7%, down from 17.6% in October.

Bitcoin’s price also fell in November, dropping from about US$110,000 to a low near US$81,000 before recovering slightly to US$86,500 by month end.

🔗 Source: The Block

🧠 Food for thought

Implications, context, and why it matters.

Spot trading on centralized exchanges fell 27%, and decentralized exchange (DEX) activity cooled, yet derivatives with late November activity are missing 1.
CME Group (a U.S. derivatives exchange) set a daily record of 794,903 crypto futures and options contracts on November 21 1. Year-to-date average daily volume rose 132% 1. Open interest (the total number of outstanding contracts) increased 82% year over year 1.
Binance futures (leveraged crypto derivatives) trading jumped 2. Bitcoin futures turnover hit $48.4 billion in a day, a sign of coordinated positioning 2.
Without full November derivatives volume and open interest, we cannot tell if spot slump came from deleveraging or a shift in venues among institutions and retail.

US spot bitcoin exchange-traded funds (ETFs) posted $3.5 billion net outflows in November 3. BlackRock’s IBIT (the iShares Bitcoin Trust) lost over $2.3 billion, its largest monthly outflow since inception 3.
Wealth-tech platforms (software for advisors) and overlay managers (firms that add hedges) can pitch registered investment advisors (RIAs) after client redemptions.
Flows turned in late November 4. Net inflows reached $70 million in the final week, and BlackRock’s IBIT added $238.4 million, suggesting advisors are rethinking allocations 4.
Firms that map ETF redemptions and track advisor demand can move before a possible December Federal Reserve (Fed) rate cut with 85% odds 4. That helps meet changing institutional needs 4.