Markets go quiet – Crypto exchange volumes hit lowest level since June

The markets seem tired.

Exchange trading volume fell to just $1.6 trillion in the month that went by. Looks like traders are stepping back after months of choppy price action.

Momentum is fading, so which way will we swing next?

Trading activity hits a yearly low

Crypto trading volumes slid in November, falling to around $1.6 trillion. This is the weakest month since June.

According to data from The Block, the drop was obvious across the board. Binance, which usually anchors overall activity, saw its monthly bar shrink noticeably from October’s spike.

Other major exchanges like OKX, Coinbase, Bybit, and Kraken also posted thinner volumes, with no platform showing an uptick.

Source: The Block

This isn’t a big surprise, though. Volumes have trended down since the late-2024 surge, when trading briefly pushed above $3 trillion in December. After a mild recovery in July and October, activity has fallen again.

The market is trading a lot less than before.

DEXs fall alongside CEXs

According to DeFiLlama, daily DEX volume was $8.1 billion at the time of writing, while the 30-day total dropped to about $399 billion, down 22% week-over-week.

Source: DeFiLlama

Activity has come a long way: January and February saw multiple spikes above $30-$50 billion a day, but recent weeks have mostly stayed in the $5-$15 billion range.

Even October’s brief pickup didn’t last, with November sliding back toward the lower end of the band.

Both retail and active traders have eased off.

What now?

Falling volumes across both CEXs and DEXs mean market confidence is low. When activity drops like this, price moves tend to rely on thinner liquidity, making swings more abrupt and less predictable.

Traders probably want signs and catalysts that will assure them of upside. But until that arrives, the market is likely to drift.

Final Thoughts

• With exchange and DEX volumes hitting multi-month lows, there’s no confidence in the market.
• Until fresh catalysts return, thin trading conditions will keep price moves unpredictable.