Crypto market trading volume fell to its lowest level in six months in November, with both CEX and DEX trading volumes declining sharply.

According to Odaily Planet Daily, spot trading volume on cryptocurrency exchanges fell to $1.59 trillion in November, a 26.7% decrease from $2.17 trillion in October, marking the lowest level since June. Binance remained in first place with $599.34 billion, but this was a significant drop from October; Bybit, Gate, and Coinbase recorded $105.8 billion, $96.75 billion, and $93.41 billion, respectively. Vincent Liu, Chief Investment Officer of Kronos Research, stated that after the overheated market in October, November saw a shift towards low volatility and low momentum, with the decline in trading volume mainly due to profit-taking and narrowing trading ranges.

Data from DefiLlama shows that decentralized exchange (DEX) trading volume also fell to $397.78 billion in November, the lowest since June; Uniswap and PancakeSwap recorded $79.98 billion and $70.57 billion respectively, both significantly lower than the previous month. The DEX/CEX trading volume ratio decreased from 17.56% in October to 15.73%. Liu believes this reflects a change in trading structure: narrower trading ranges make CEXs, with their greater depth and spread advantages, more efficient, while weaker on-chain incentives and speculative activity drag down DEX trading volume.

In the market, Bitcoin fell from approximately $110,000 to a low of around $81,000 in November; as of press time, it had fallen 4.6% to $86,500 in the past 24 hours. SoSoValue data shows that US spot Bitcoin ETFs recorded a net outflow of $3.48 billion in November, the largest monthly outflow since February. (The Block)