Ethereum has experienced a significant surge in trading activity, with spot trading volume across exchanges hitting approximately $375 billion in November 2025. This figure reflects ongoing engagement in the cryptocurrency market, despite various price pressures. Throughout the year, Ethereum’s trading volumes have shown remarkable fluctuations, peaking at more than $599 billion in August, which marked the highest monthly trading volume recorded for the asset.
Despite the volatility, trading remained robust, with November’s volume demonstrating a consistent interest from both institutional and retail investors. According to data from CryptoQuant, total trading activity fluctuated between $280 billion and $380 billion in the months leading up to November, showcasing a dynamic market environment.
Binance Dominates Ethereum Trading Landscape
A notable aspect of November’s trading activity is the dominance of Binance, which recorded around $198 billion in spot trading volume for Ethereum during the month. This substantial figure highlights Binance’s pivotal role in providing liquidity and facilitating high-volume transactions for traders at all levels. The exchange remains the leading platform for Ethereum trading, underscoring its importance in the overall market.
Institutional interest has also notably contributed to Ethereum’s trading landscape. The launch of Ethereum spot exchange-traded funds (ETFs) added approximately $35 billion in trading volume for the month. This influx of institutional capital signals a sustained engagement from traditional market participants, further enhancing the liquidity available in Ethereum markets.
Investor Sentiment and Market Indicators
Current market sentiment suggests renewed confidence among large investors, often referred to as “whales.” According to the Whale vs Retail Delta metric from Alphractal, whale activity is increasingly leaning towards long positions. Wallets holding between 10,000 and 100,000 ETH now control a record over 21 million ETH, while entities with over 100,000 ETH have expanded their holdings to around 4.3 million ETH. This accumulation trend indicates a belief in Ethereum’s potential for future growth.
On the pricing front, Ethereum has seen its value climb above $3,000. Although it remains approximately 24% lower than its peak earlier in the month, the asset’s recovery aligns with aggressive accumulation strategies from major holders. Presently, Ethereum’s Realized Price stands at $2,315, with a Market Value to Realized Value (MVRV) ratio of 1.27. This positions the asset in a neutral zone, where its market price is just 27% above the Realized Price, suggesting balanced market conditions without extreme overbought or oversold signals.
Binance’s specific data indicates a sharper shift, with Ethereum’s MVRV ratio on the exchange hovering near 0.999. A reading below 1 typically indicates that the market capitalization is aligning closely with the Realized Price, placing most investors in a “no-profit, no-loss” scenario. Historical trends suggest that this zone often coincides with market bottoms or extended periods of price weakness.
As Ethereum navigates these complex market dynamics, the current MVRV ratio of 1.27 suggests a balanced market structure, free from strong signals of extreme valuation. Long-term MVRV readings above 3 are usually associated with overbought conditions, while values below 1 indicate market troughs characterized by unrealized losses.
Overall, the trading frenzy observed in November reflects both a robust interest in Ethereum and a strategic positioning by large investors. With significant institutional engagement and ongoing liquidity from platforms like Binance, Ethereum continues to be a focal point in the evolving landscape of cryptocurrency trading.