Ethereum’s November Trading Frenzy: Spot Volume Hits $375B as ETFs Add $35B Punch
The buying and selling exercise of Ethereum (ETH) has remained high all through 2025. Interestingly, CryptoQuant knowledge now reveals that spot buying and selling quantity throughout exchanges reached $375 billion in November.
Meanwhile, exchange-traded fund (ETF) quantity climbed to just about $35 billion.
Institutional Money Pours In
According to the evaluation, Ethereum began the 12 months with vital volatility in month-to-month buying and selling exercise, with whole quantity fluctuating between roughly $280 billion and $380 billion earlier than accelerating sharply in the course of the 12 months.
That surge finally led to a peak of greater than $599 billion in August, and marked the best month-to-month buying and selling quantity recorded throughout the interval. Following this spike, buying and selling exercise eased however stayed comparatively sturdy, and ended November at round $375 billion, a stage that signifies continued market participation regardless of ongoing worth pressures.
CryptoQuant discovered that Binance remained the dominant venue for Ethereum buying and selling, and recorded roughly $198 billion in spot buying and selling quantity throughout November alone. This determine underscores Binance’s central position in real-time liquidity flows and its place as the main platform for each institutional and retail merchants executing high-volume transactions.
Data additionally reveals that institutional curiosity performed a significant position by means of regulated funding autos, with Ethereum spot ETFs registering about $35 billion in buying and selling quantity for the month. Such a stage of ETF exercise factors to continued engagement from conventional market members and provides a further layer of “organized liquidity” to general Ethereum market flows throughout the interval.
Currently, Ethereum is seeing renewed confidence from massive traders as whale exercise more and more leans towards lengthy positions, in accordance with Alphractal’s Whale vs Retail Delta metric. On the worth entrance, ETH has climbed above $3,000. Despite remaining round 24% decrease over the month, the asset’s restoration coincided with aggressive accumulation from main holders.
As lately reported by CryptoPotato, wallets holding 10,000-100,000 ETH now management a document stage of over 21 million ETH, whereas entities with over 100,000 ETH have expanded their stability to round 4.3 million ETH.
ETH Near Neutral Zone
Further evaluation reveals that Ethereum is buying and selling close to fair-value territory, as vital on-chain indicators level to a delicate part available in the market. Ethereum’s Realized Price stands at $2,315 and an MVRV ratio of 1.27. This locations the asset in a impartial zone the place the market worth sits simply 27% above the Realized Price, which reveals neither overbought nor oversold situations.
Binance-specific knowledge displays a good sharper shift, as Ethereum’s MVRV ratio on the trade hovers close to 0.999, just under the traditionally vital threshold of 1.0. A studying beneath 1 signifies that market capitalization is aligning with the Realized Price, pushing most traders right into a “no-profit, no-loss” place. This zone has traditionally coincided with early market bottoms or prolonged intervals of worth weak spot.
On the opposite hand, long-term MVRV readings above 3 usually correspond with overbought phases, whereas values under 1 point out market troughs characterised by unrealized losses. The present ratio of 1.27 factors to a balanced market construction with no sturdy indicators of utmost valuation.
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