Spot Volume Hits $375B as ETFs Add $35B Punch

ETH buying and selling volumes surged from mid-year acceleration to a $599 billion peak.

The buying and selling exercise of Ethereum (ETH) has remained excessive all through 2025. Apparently, CryptoQuant knowledge now reveals that spot buying and selling quantity throughout exchanges reached $375 billion in November.

In the meantime, exchange-traded fund (ETF) quantity climbed to just about $35 billion.

Institutional Cash Pours In

Based on the evaluation, Ethereum began the yr with important volatility in month-to-month buying and selling exercise, with whole quantity fluctuating between roughly $280 billion and $380 billion earlier than accelerating sharply in the course of the yr.

That surge ultimately led to a peak of greater than $599 billion in August, and marked the very best month-to-month buying and selling quantity recorded in the course of the interval. Following this spike, buying and selling exercise eased however stayed comparatively sturdy, and ended November at round $375 billion, a stage that signifies continued market participation regardless of ongoing worth pressures.

CryptoQuant discovered that Binance remained the dominant venue for Ethereum buying and selling, and recorded roughly $198 billion in spot buying and selling quantity throughout November alone. This determine underscores Binance’s central function in real-time liquidity flows and its place because the main platform for each institutional and retail merchants executing high-volume transactions.

Information additionally reveals that institutional curiosity performed a significant function by regulated funding automobiles, with Ethereum spot ETFs registering about $35 billion in buying and selling quantity for the month. Such a stage of ETF exercise factors to continued engagement from conventional market individuals and provides a further layer of “organized liquidity” to general Ethereum market flows in the course of the interval.

At present, Ethereum is seeing renewed confidence from giant traders as whale exercise more and more leans towards lengthy positions, in response to Alphractal’s Whale vs Retail Delta metric. On the worth entrance, ETH has climbed above $3,000. Regardless of remaining round 24% decrease over the month, the asset’s restoration coincided with aggressive accumulation from main holders.

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As lately reported by CryptoPotato, wallets holding 10,000-100,000 ETH now management a report stage of over 21 million ETH, whereas entities with over 100,000 ETH have expanded their steadiness to round 4.3 million ETH.

ETH Close to Impartial Zone

Additional evaluation reveals that Ethereum is buying and selling close to fair-value territory, as necessary on-chain indicators level to a delicate part available in the market. Ethereum’s Realized Worth stands at $2,315 and an MVRV ratio of 1.27. This locations the asset in a impartial zone the place the market worth sits simply 27% above the Realized Worth, which reveals neither overbought nor oversold circumstances.

Binance-specific knowledge displays an excellent sharper shift, as Ethereum’s MVRV ratio on the alternate hovers close to 0.999, just under the traditionally necessary threshold of 1.0. A studying underneath 1 signifies that market capitalization is aligning with the Realized Worth, pushing most traders right into a “no-profit, no-loss” place. This zone has traditionally coincided with early market bottoms or prolonged durations of worth weak point.

Then again, long-term MVRV readings above 3 usually correspond with overbought phases, whereas values beneath 1 point out market troughs characterised by unrealized losses. The present ratio of 1.27 factors to a balanced market construction with no sturdy alerts of utmost valuation.