Ethereum’s trading activity in November 2025 showcased significant momentum, with spot trading volume across exchanges reaching a remarkable **$375 billion**. This surge reflects continued engagement from both institutional and retail investors, solidifying Ethereum’s position in the ever-evolving cryptocurrency market.
Throughout the year, Ethereum’s trading volumes experienced notable fluctuations, peaking at over **$599 billion** in August. Monthly trading activity varied between approximately **$280 billion** and **$380 billion** before a sharp increase in mid-2025. The data compiled by **CryptoQuant** highlights that trading activity maintained its strength despite ongoing market volatility.
Binance Dominates Ethereum Trading
In November, **Binance** emerged as the leading platform for Ethereum transactions, facilitating around **$198 billion** in spot trading volume. This dominance underscores Binance’s critical role in providing liquidity for both institutional and retail traders engaged in high-volume transactions. The exchange’s influence is evident as it continues to attract substantial trading activity.
Institutional interest also added a significant layer to the Ethereum trading landscape. Spot ETFs (Exchange-Traded Funds) for Ethereum reported approximately **$35 billion** in trading volume during November. This engagement from traditional market participants indicates a growing acceptance of cryptocurrencies in mainstream finance and enhances overall market liquidity.
As of November, Ethereum’s price hovered around **$3,000**, reflecting a **24%** decline over the month. However, the recovery in price aligns with a marked increase in accumulation by major holders. According to the **Whale vs Retail Delta** metric from **Alphractal**, larger investors, or “whales,” are increasingly leaning towards long positions, suggesting renewed confidence in Ethereum’s market potential.
Market Indicators and Whale Activity
Wallets holding between **10,000** and **100,000** ETH now control over **21 million ETH**, while entities with balances exceeding **100,000 ETH** have increased their holdings to around **4.3 million ETH**. This trend indicates a strategic accumulation phase as whales position themselves for future market movements.
Ethereum’s **Realized Price** stands at **$2,315**, with an MVRV (Market Value to Realized Value) ratio of **1.27**. This ratio indicates a neutral market condition, with the asset trading approximately **27%** above its Realized Price. Notably, the MVRV ratio on Binance is close to **0.999**, just shy of the significant threshold of **1.0**. A reading below this level suggests that the market capitalization aligns closely with the Realized Price, indicating a “no-profit, no-loss” scenario for most investors.
Historically, such conditions have been associated with either market bottoms or prolonged periods of price weakness. In contrast, long-term MVRV values above **3** generally align with overbought phases, while values below **1** indicate market troughs characterized by unrealized losses. Current readings suggest a balanced market structure, with no strong indications of extreme valuation.
As Ethereum continues to navigate through these market dynamics, the engagement from both institutional and retail investors highlights the cryptocurrency’s resilience and ongoing relevance within the financial landscape.
