UPDATE: Ethereum’s trading activity has experienced a remarkable surge, with spot trading volume hitting $375 billion in November 2025, according to new data from CryptoQuant. This uptick in trading reflects a robust market participation amid ongoing price pressures.
The trading frenzy peaked earlier this year, reaching an astonishing $599 billion in August. Despite a subsequent easing in trading activity, November’s figures indicate that investor interest remains strong as the market adapts to fluctuating conditions.
Binance continues to dominate the Ethereum trading landscape, recording nearly $198 billion in spot trading volume for November alone. This substantial figure highlights Binance’s critical role in providing real-time liquidity for both institutional and retail traders.
Meanwhile, institutional interest has surged, particularly through regulated investment vehicles. Ethereum spot ETFs have generated around $35 billion in trading volume this month, reflecting the continued engagement of traditional market participants. This influx of ETF activity adds a layer of organized liquidity to Ethereum’s market flows, signaling a healthy appetite from large investors.
Additionally, Ethereum’s price has climbed above $3,000, marking a significant recovery despite being approximately 24% lower over the month. This price movement corresponds with aggressive accumulation from major holders, as whale activity shows a marked preference for long positions.
Data reveals that wallets holding between 10,000 and 100,000 ETH now control an unprecedented 21 million ETH. Furthermore, entities with over 100,000 ETH have increased their holdings to approximately 4.3 million ETH. This shift indicates a growing confidence among large investors in Ethereum’s long-term potential.
Current market indicators suggest that Ethereum is trading near its fair value, with the Realized Price at $2,315 and an MVRV ratio of 1.27. These metrics place the asset in a neutral zone, indicating neither overbought nor oversold conditions. Observations from Binance reveal a sharper shift, as Ethereum’s MVRV ratio hovers near 0.999, suggesting that market capitalization is aligning closely with the Realized Price.
This equilibrium often marks early market bottoms or prolonged periods of price weakness. Historically, values above 3 indicate overbought conditions, while values below 1 signify market troughs characterized by unrealized losses. The current ratio of 1.27 points to a balanced market structure with no strong signals of extreme valuation.
As Ethereum continues to attract both retail and institutional investors, all eyes are on the evolving market dynamics. The coming weeks will be crucial in determining whether this momentum can sustain or if price pressures will alter the current landscape.
Stay tuned for more updates as the situation develops.
