In November, the spot trading volume of encryption exchanges fell to $1.59 trillion, the lowest since June.

The Block data shows that in November, the global crypto assets spot trading volume dropped to 1.59 trillion USD, a decrease of 26.7% from 2.17 trillion USD in October, marking the lowest level since June's 1.14 trillion USD.

A certain mainstream CEX still holds the largest trading volume, reaching 599.34 billion USD in November, but this represents a significant decline compared to 810.44 billion USD in October. In addition, Gate ranks third with 96.75 billion USD.

Vincent Liu, Chief Investment Officer of Kronos Research, stated that after a surge in market sentiment in October, there has been a noticeable cooling entering November, with volatility and momentum weakening, leading to a simultaneous decline in the volume of spot trading on centralized exchanges. He pointed out that this round of decline is largely due to profit-taking after a rebound and market contraction, representing a typical process of “cooling after a crowded rise.”

DeFiLlama data shows that the trading volume of decentralized exchanges (DEX) in November also fell to $397.78 billion, down from $568.43 billion in October, marking the lowest level since June. In DEX, Uniswap ranks first with $79.98 billion, down from $123.88 billion last month; PancakeSwap ranks second with $70.57 billion, also down from $102.02 billion in October.

In November, the trading volume ratio of DEX to CEX dropped to 15.73%, down from 17.56% in October. Liu stated that this decline is more related to market structure: the volatility range in November narrowed, centralized exchanges became more liquid and efficient in execution, attracting more trading volume; at the same time, speculative funds decreased, and DeFi incentives weakened, further reducing DEX turnover.

The entire crypto assets market experienced a general correction in November. Bitcoin fell from around $110,000 at the beginning of the month to a low of $81,000 on November 21. As of 11:20 PM Eastern Time on Sunday, Bitcoin's 24-hour decline reached 4.6%, trading at $86,500.

The Spot Bitcoin ETF also saw capital outflows. SoSoValue data shows that in November, the net outflow of the U.S. Spot Bitcoin ETF was 3.48 billion dollars, while in October it was a net inflow of 3.42 billion dollars, marking the largest single-month outflow since February.