The trading landscape for Ethereum (ETH) witnessed a significant surge in November, with total spot trading volume across exchanges hitting an impressive $375 billion. This uptick coincided with a notable increase in exchange-traded fund (ETF) activity, which contributed an additional $35 billion to the overall momentum.
Throughout 2025, Ethereum”s trading activity has showcased notable volatility. Early in the year, monthly trading volumes fluctuated between approximately $280 billion and $380 billion. However, a sharp acceleration occurred mid-year, leading to a staggering peak of over $599 billion in August—the highest monthly trading volume recorded during this period. Following this peak, trading activity cooled but remained robust, closing November at around $375 billion, indicating sustained market participation despite prevailing price challenges.
Analysis from CryptoQuant highlights that Binance continues to dominate Ethereum trading, with about $198 billion in spot trading volume for November alone. This figure underscores Binance”s pivotal role in facilitating liquidity flows and its standing as the preferred platform for both institutional and retail traders executing high-volume transactions.
Institutional investment interest is increasingly evident, particularly through regulated investment vehicles, with Ethereum spot ETFs achieving approximately $35 billion in trading volume for the month. Such levels of ETF activity reflect ongoing engagement from traditional market participants, adding a layer of “organized liquidity” to Ethereum”s overall market dynamics during this timeframe.
Currently, Ethereum appears to be regaining confidence among large investors, as indicated by a shift toward long positions, according to Alphractal“s Whale vs Retail Delta metric. On the pricing front, ETH has surpassed $3,000. Although it remains about 24% lower over the month, this recovery aligns with aggressive accumulation strategies from major holders.
Recent data indicates that wallets holding between 10,000 and 100,000 ETH now control a record level exceeding 21 million ETH, while entities holding over 100,000 ETH have increased their balances to roughly 4.3 million ETH.
Further analysis shows that Ethereum is trading near a fair-value zone, with key on-chain indicators suggesting the market is in a sensitive phase. The Realized Price for Ethereum stands at $2,315, with an MVRV ratio of 1.27. This positioning indicates that the asset is trading just 27% above its Realized Price, suggesting neither overbought nor oversold conditions.
Binance-specific metrics reveal an even more pronounced adjustment, as Ethereum”s MVRV ratio on the exchange hovers close to 0.999, just below the historically significant threshold of 1.0. A reading below 1 indicates a convergence of market capitalization with the Realized Price, placing most investors in a “no-profit, no-loss” scenario. Historically, this zone has coincided with early market bottoms or extended periods of price weakness.
In contrast, long-term MVRV readings above 3 generally relate to overbought conditions, while values below 1 signify market troughs marked by unrealized losses. The current ratio of 1.27 suggests a balanced market structure, with no strong indicators of extreme valuation at this time.
