UPDATE: Ethereum’s trading activity has reached a staggering $375 billion in November 2025, showcasing an impressive surge in market engagement despite ongoing price fluctuations. This significant development underscores a resilient interest in Ethereum as it continues to attract both retail and institutional investors.
Recent data from CryptoQuant reveals that Ethereum’s trading volumes peaked at $599 billion earlier this year, following a robust mid-year acceleration. This month alone, trading figures remained solid, with volumes fluctuating between $280 billion and $380 billion before settling at the current figure.
Notably, Binance has solidified its position as the leading platform for Ethereum trading, recording approximately $198 billion in spot trading volume in November. Such numbers highlight Binance’s pivotal role in liquidity flows and its appeal to high-volume traders.
Investor sentiment has also been bolstered by the activity surrounding Ethereum spot ETFs, which collectively registered an impressive $35 billion in trading volume for the month. This influx of ETF activity signals a growing participation from traditional market players, further enhancing the overall liquidity in Ethereum markets.
Current market dynamics show that large investors, or “whales,” are increasingly favoring long positions in Ethereum, as indicated by the Whale vs Retail Delta metric from Alphractal. Ethereum’s price has surpassed $3,000, reflecting a recovery amidst aggressive accumulation by major holders.
Wallets controlling between 10,000 and 100,000 ETH now account for a record high of over 21 million ETH, while entities with over 100,000 ETH have expanded their holdings to approximately 4.3 million ETH. These figures illustrate a significant shift in market confidence, as Ethereum’s Realized Price stands at $2,315, indicating a sensitive balance in market conditions.
The MVRV ratio currently sits at 1.27, placing Ethereum in a neutral zone where the market price is just 27% above its Realized Price. Historical data suggests that similar ratios often coincide with market bottoms or extended periods of price weakness, indicating that the current market structure is balanced without extreme valuation signals.
As Ethereum continues to navigate these turbulent waters, market participants are urged to keep a close eye on the evolving landscape. The combination of robust trading volumes, the influence of institutional players, and the shifting dynamics among large investors could shape Ethereum’s trajectory in the coming weeks.
Stay tuned for further updates as we monitor these developments closely!
