Trading activity for Ethereum remained robust in November 2025, with spot trading volume across exchanges reaching a remarkable $375 billion. This surge reflects continued engagement from both retail and institutional investors, despite ongoing price fluctuations in the cryptocurrency market.
Throughout the year, Ethereum’s trading volumes witnessed significant volatility, peaking at over $599 billion in August. This spike marked the highest monthly trading volume recorded during 2025. After the August peak, trading activity eased but maintained a strong presence, ending November with volumes ranging from approximately $280 billion to $380 billion, as detailed by data from CryptoQuant.
Binance, the leading cryptocurrency exchange, played a crucial role in this trading frenzy, accounting for nearly $198 billion of the total spot trading volume in November alone. This figure not only highlights Binance’s dominance in the market but also its importance in providing real-time liquidity for Ethereum traders, both institutional and retail.
Institutional interest in Ethereum also surged, with spot exchange-traded funds (ETFs) contributing an impressive $35 billion in trading volume during the same month. This level of ETF activity indicates a strong engagement from traditional market participants, adding an additional layer of organized liquidity to the overall Ethereum market flows.
Whale activity, defined as large investors holding significant amounts of Ethereum, has shown a noticeable shift towards long positions. According to Alphractal’s Whale vs Retail Delta metric, wallets holding between 10,000 and 100,000 ETH now control a record level of over 21 million ETH, while entities with balances exceeding 100,000 ETH have increased their holdings to about 4.3 million ETH.
On the price front, Ethereum surpassed the $3,000 mark, although it remains approximately 24% lower compared to earlier in the month. The recent price recovery aligns with aggressive accumulation from major holders, suggesting renewed confidence in Ethereum among significant investors.
Ethereum’s current market conditions indicate a balance, with its Realized Price standing at $2,315 and a Market Value to Realized Value (MVRV) ratio of 1.27. This positioning shows that the market price lies just 27% above the Realized Price, indicating a neutral market state without clear signs of being overbought or oversold.
Notably, Binance-specific data reveals that Ethereum’s MVRV ratio hovers near 0.999, just below the historically significant threshold of 1.0. A ratio below 1 suggests that the market capitalization aligns closely with the Realized Price, placing most investors in a “no-profit, no-loss” scenario. This situation has historically coincided with early market bottoms or extended periods of price weakness.
In contrast, long-term MVRV readings above 3 usually indicate overbought conditions, while values below 1 signify market troughs characterized by unrealized losses. The current ratio of 1.27 suggests a balanced market structure with no extreme valuation signals.
As Ethereum continues to navigate the complexities of the cryptocurrency market, its ability to sustain high trading volumes and attract significant institutional interest reflects a vibrant ecosystem poised for further evolution. Investors and traders alike are closely monitoring these developments as they unfold in the coming months.
