Major

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<p>Spot trading activity across major centralized exchanges fell sharply in November 2025, marking a significant cooldown after October’s stronger market conditions.</p>
<p>Total spot volume slid by 28% month-over-month, reflecting weaker momentum across nearly all leading platforms.</p>
<h2 id="top-performers-bitfinex-stands-out-as-rare-gainer">Top Performers: Bitfinex Stands Out as Rare Gainer</h2>
<p>Most exchanges recorded declines, but one platform moved in the opposite direction:<br> Bitfinex posted a 17% increase, rising from $10.24 billion in October to $12 billion in November, the only major exchange to record meaningful growth during the downturn.</p>
<blockquote class="twitter-tweet">
 <p>November Exchange Data Report: Spot trading volume of major exchanges in November 2025 fell 28% compared with October. The top three exchanges by change rate were Bitfinex +17%, Coinbase -8%, and KuCoin -17%. The bottom three were Bitget -62%, Gate -44%, and MEXC -34%.… <a href="https://t.co/oXgFKyrv6b" rel="noopener noreferrer nofollow">pic.twitter.com/oXgFKyrv6b</a></p>
 <p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1998719253625573623?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 10, 2025</a></p>
</blockquote>
<p></p>
<p>Two other exchanges showed relative resilience:</p>
<ul>
 <li>Coinbase: down just 8%, outperforming the broader market despite its ongoing regulatory headwinds.</li>
 <li>KuCoin: down 17%, still holding steadier than many competitors.</li>
</ul>
<p>Their smaller declines helped place them among the top three performers for the month.</p>
<h2 id="largest-declines-concentrated-in-high-volume-platforms">Largest Declines Concentrated in High-Volume Platforms</h2>
<p>Several major exchanges saw steep declines as market participation thinned:</p>
<ul>
 <li>Bitget: down 62%, the sharpest drop of any listed exchange.</li>
 <li>Gate: down 44%, reflecting a significant contraction from October’s strong activity.</li>
 <li>MEXC: down 34%, continuing its multi-month decline in spot volume.</li>
</ul>
<p>Other large exchanges also recorded notable decreases: Binance (-25%), Bybit (-32%), OKX (-28%), and HTX (-28%).</p>
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<h2 id="industry-wide-volume-slide-highlights-market-caution">Industry-Wide Volume Slide Highlights Market Caution</h2>
<p>Combined spot volume across all tracked exchanges fell from $2.36 trillion in October to $1.70 trillion in November, underscoring a broad risk-off shift.</p>
<p>The decline aligns with a quieter month for volatility, fewer major catalysts, and traders reducing exposure ahead of key macroeconomic events in December.</p>
<p>The post <a href="https://www.ethnews.com/major-crypto-exchanges-see-sharp-drop-in-november-trading-volumes/" rel="noopener noreferrer nofollow">Major Crypto Exchanges See Sharp Drop in November Trading Volumes</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.</p>

Major Crypto Exchanges See Sharp Drop in November Trading Volumes

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