Crypto Trading Volumes Dropped Sharply in November
Date: 2025-12-11 Author: Henry Casey Categories: CRYPTO PAYMENTS
At the end of 2025, the cryptocurrency market experienced a significant decline in activity: aggregate spot trading on major platforms fell by almost a third compared to the previous month. According to WuBlockchain, overall trading volume fell by 28%, one of the largest declines in the industry this year.
However, the performance of individual exchanges was extremely uneven. The only platform to demonstrate an increase in spot volume was Bitfinex, which grew by 17%. Two other exchanges, Coinbase and KuCoin, maintained relatively stable results, declining by 8% and 17%, respectively. At the other extreme were Bitget, Gate, and MEXC, where activity fell by 62%, 44%, and 34%.
The derivatives segment also experienced a decline, although it was less pronounced—around 16% month-on-month. Interestingly, amid the overall decline, only MEXC was able to significantly increase contract trading volumes, by 67%. KuCoin and HTX showed a more moderate decline, both decreasing by approximately 15%. Bitget again led the way with a 49% decline, as did Bybit and Gate, whose volumes fell by 29% and 28%.
The decline in activity wasn't limited to trading operations. The largest cryptocurrency exchanges recorded a decrease in web traffic—an average of 11% compared to October. BitMart showed the best performance among the monitored platforms, with traffic increasing by 14%. Kraken and Bitfinex saw near-zero changes, declining by 1% and 5%. The deepest declines occurred at Crypto.com, Gate, and KuCoin, where traffic fell by 26%, 23%, and 18%.
The distribution of traffic from Ukrainian users is particularly noteworthy. Bybit accounts for the largest share of Ukrainian traffic, accounting for approximately 7% of its total traffic. On other platforms, Ukrainian user presence remains minimal.
Despite the decline in exchange activity, leading cryptocurrencies ended November relatively calmly: both Bitcoin and Ethereum posted minimal monthly declines, levels the market hasn't seen since 2018.
