Points of Focus 

• Spot volume on centralized exchanges hit $1.59 trillion in November, down 27% from October.  
• Bitcoin dropped 18% amid $3.48 billion in U.S. ETF outflows, the largest monthly net exit since February.  
• DEX-to-CEX ratio fell to 15.7%, driven by tighter spreads on centralized platforms during low volatility.

Centralized cryptocurrency exchange spot trading volume declined 27% to $1.59 trillion in November 2025, marking the slowest month since June and signaling waning retail enthusiasm amid bitcoin’s 18% drop and persistent ETF outflows. Incredibly, over $1 trillion has now been wiped from crypto markets within the same period.

The figure compares to $2.17 trillion in October and reflects a broader market cooldown. Bitcoin fell from $110,000 at month-start to a low near $81,000 on November 21, while the total crypto market cap shed 12% to $3.08 trillion.

Vincent Liu, CIO at Kronos Research, attributed the slump to structural shifts rather than sentiment alone. “November’s thinner trading ranges favored CEXs, where deeper liquidity and tighter spreads made execution more efficient,” he said. “Shrinking speculative flows and softer DeFi incentives slowed DEX turnover, reinforcing the rotation.”

The decentralized-to-centralized volume ratio dipped to 15.7% from 17.6% in October, underscoring centralized platforms’ dominance in low-volatility environments. U.S. spot bitcoin ETFs posted a record $3.48 billion in net outflows for the month, flipping October’s $3.42 billion inflows, according to SoSoValue, with ether ETFs bleeding $1.42 billion, their worst ever.

Long-term investors selling off?

Also noteworthy is the fact that investor withdrawals from US spot Bitcoin exchange-traded funds (ETFs) climbed to their worst levels since February, with long-term holders reportedly trading off an estimated 815,000 BTC over the past 45 days. This development could be another potential warning flag for investor sentiments as previously stable holders dropping their positions could point to deeper conviction concerns. 

Some institutional buyers appear to be using the pullback to add exposure. Off-the-run reports indicate that endowments and large investors have quietly increased their crypto allocations in recent weeks, treating the November correction as a chance to buy at levels last seen in the summer, well below the all-time highs hit earlier this month.

On the macro front, sentiment received a brief lift when China announced tariff reductions on certain U.S. goods, helping Bitcoin reclaim the $100,000 level for a few hours. The rally quickly faded, however, as global risk-off flows reasserted themselves and the broader market resumed its slide.

Three things to learn as macroeconomic factors aid correction

The November sell-off has revealed three key dynamics for Bitcoin:

1. The primary driver has been macro risk aversion and a broad unwind of speculative positions in high-beta assets, not any deterioration in Bitcoin’s own fundamentals.
2. Liquidity has thinned noticeably, with market makers pulling back; as a result, even moderate selling pressure is producing outsized price moves.
3. Structural adoption and institutional interest remain intact as huge investments and endowments continue to accumulate, but these long-term positives are currently drowned out by short-term macro headwinds.

Because Bitcoin is still widely classified as a speculative, unregulated asset, it has been hit harder than most during the current risk-off wave.

Bitcoin traded at $86,500 on December 1, down 4.6% in the past 24 hours. For investors, the slowdown suggests a consolidation phase, with recovery hinging on December’s Fed decisions and potential inflows from year-end rebalancing.