Ethereum’s Trading Frenzy in November: Spot Volume Hits $375 Billion as ETFs Add a $35 Billion Punch

ETH trading volumes increased from an acceleration mid-year to a peak of $599 billion.

Ethereum (ETH) trading activity has remained high in 2025. Interestingly, data from CryptoQuant now shows that spot trading volume on exchanges reached $375 billion in November.

Meanwhile, exchange-traded fund (ETF) volume rose to nearly $35 billion.

Institutional money is pouring in

According to the analysis, Ethereum started the year of significant volatility in monthly trading activity, with total volume fluctuating between roughly $280 billion and $380 billion before sharply accelerating mid-year.

That increase eventually peaked at more than $599 billion in August, marking the highest monthly trading volume recorded during the period. Following this peak, trading activity declined but remained relatively strong, ending November at around $375 billion, a level indicating continued market participation despite ongoing price pressures.

CryptoQuant found that Binance remained the dominant trading platform for Ethereum, recording approximately $198 billion in spot trading volume in November alone. This figure underlines Binance’s central role in real-time liquidity flows and its position as a leading platform for both institutional and retail traders executing large trades.

Data also shows that institutional interest played a meaningful role through regulated investment vehicles, with Ethereum spot ETFs recording trading volume of around $35 billion this month. Such a level of ETF activity indicates continued involvement from traditional market participants and adds an additional layer of ‘organized liquidity’ to the overall Ethereum market flows over the period.

Currently, Ethereum is seeing renewed confidence from major investors as whale activity increasingly leans toward long positions, according to Alphractal’s Whale vs Retail Delta metric. Price-wise, ETH has climbed above $3,000. Despite trading down about 24% this month, the recovery in assets has coincided with aggressive accumulation by large investors.

You might also like:

Like recently reported Through CryptoPotato, wallets holding 10,000-100,000 ETH now control a record level of over 21 million ETH, while entities holding over 100,000 ETH have expanded their balances to approximately 4.3 million ETH.

ETH near neutral zone

Further analysis reveals that Ethereum is trading near its market cap area as key on-chain indicators point to a sensitive phase in the market. Ethereum’s realized price is $2,315 and an MVRV ratio of 1.27. This places the asset in a neutral zone where the market price is only 27% above the realized price, showing neither overbought nor oversold conditions.

Binance-specific data reflects an even sharper shift, as Ethereum’s MVRV ratio on the exchange hovers around 0.999, just below the historically important threshold of 1.0. A value below 1 means that the market capitalization is in line with the realized price, pushing most investors into a ‘no profit, no loss’ position. This zone has historically coincided with early market bottoms or extended periods of price weakness.

On the other hand, long-term MVRV values ​​above 3 generally correspond to overbought phases, while values ​​below 1 indicate market declines characterized by unrealized losses. The current ratio of 1.27 indicates a balanced market structure without strong signals of extreme valuation.