Ethereum trading volume reached $375 billion in November as exchange-traded fund activity climbed to nearly $35 billion. The second-largest cryptocurrency traded above $3,050 despite weeks of selling pressure that pushed short-term holders into capitulation.
What Happened: Monthly Trading Volume
CryptoQuant analyst Arab Chain reported that Ethereum's monthly trading activity fluctuated throughout 2025, with volume initially falling to a range between $280 billion and $380 billion during the market's early-year slowdown.
A resurgence followed mid-year, driven by heightened volatility, renewed institutional activity and broader macroeconomic shifts. Total monthly trading volume peaked above $599 billion in August, marking one of the strongest liquidity expansions in recent years.
Activity cooled after August, but the market sustained engagement from retail and institutional participants.
Binance maintained its position as the central hub for Ethereum trading, with spot volume on the exchange reaching approximately $198 billion in November. The exchange's depth, efficiency and tight spreads reinforced its role as the dominant marketplace for major crypto assets.
ETF trading volume provided a parallel channel for institutional involvement. The nearly $35 billion in November ETF activity demonstrated substantial interest from traditional investors seeking regulated exposure to Ethereum. Arab Chain explained that the sharp rise in trading volume reflected improved market liquidity and strong trader engagement amid rapid price swings.
Volatility defined the year, with macroeconomic developments amplifying trading behavior. Large traders played an influential role, responding to futures market dynamics and macro shifts with high-volume transactions that fueled liquidity spikes.
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Why It Matters: Market Structure
Ethereum attempted to stabilize above $3,000 after a sharp multi-week decline that pushed the asset to its lowest point since early 2025. The weekly chart showed that ETH bounced from a key confluence zone near the 200-week moving average, a historically important region where long-term investors often step in.
The rebound suggested buyers were defending structural support, though momentum remained fragile.
The chart revealed a breakdown from the mid-2025 uptrend, with price slipping below the 50-week and 100-week moving averages. These moving averages turned into overhead resistance, reflecting a shift in market sentiment. For ETH to regain traction, reclaiming these moving averages will be necessary.
The broader structure showed lower highs forming since the September peak, keeping Ethereum in a vulnerable position. Bulls must protect the $3,000 region and push toward a higher low to avoid a deeper retracement.
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