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

ETH trading volumes surged from mid-year acceleration to a $599 billion peak.

The trading activity of Ethereum (ETH) has remained high throughout 2025. Interestingly, CryptoQuant data now reveals that spot trading volume across exchanges reached $375 billion in November.

Meanwhile, exchange-traded fund (ETF) volume climbed to nearly $35 billion.

Institutional Money Pours In

According to the analysis, Ethereum began the year with significant volatility in monthly trading activity, with total volume fluctuating between roughly $280 billion and $380 billion before accelerating sharply in the middle of the year.

That surge eventually led to a peak of more than $599 billion in August, and marked the highest monthly trading volume recorded during the period. Following this spike, trading activity eased but stayed comparatively strong, and ended November at around $375 billion, a level that indicates continued market participation despite ongoing price pressures.

CryptoQuant found that Binance remained the dominant venue for Ethereum trading, and recorded approximately $198 billion in spot trading volume during November alone. This figure underscores Binance’s central role in real-time liquidity flows and its position as the leading platform for both institutional and retail traders executing high-volume transactions.

Data also shows that institutional interest played a meaningful role through regulated investment vehicles, with Ethereum spot ETFs registering about $35 billion in trading volume for the month. Such a level of ETF activity points to continued engagement from traditional market participants and adds an additional layer of “organized liquidity” to overall Ethereum market flows during the period.

Currently, Ethereum is seeing renewed confidence from large investors as whale activity increasingly leans toward long positions, according to Alphractal’s Whale vs Retail Delta metric. On the price front, ETH has climbed above $3,000. Despite remaining around 24% lower over the month, the asset’s recovery coincided with aggressive accumulation from major holders.

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As recently reported by CryptoPotato, wallets holding 10,000-100,000 ETH now control a record level of over 21 million ETH, while entities with over 100,000 ETH have expanded their balance to around 4.3 million ETH.

ETH Near Neutral Zone

Further analysis reveals that Ethereum is trading near fair-value territory, as important on-chain indicators point to a sensitive phase in the market. Ethereum’s Realized Price stands at $2,315 and an MVRV ratio of 1.27. This places the asset in a neutral zone where the market price sits just 27% above the Realized Price, which shows neither overbought nor oversold conditions.

Binance-specific data reflects an even sharper shift, as Ethereum’s MVRV ratio on the exchange hovers near 0.999, just below the historically important threshold of 1.0. A reading under 1 means that market capitalization is aligning with the Realized Price, pushing most investors into a “no-profit, no-loss” position. This zone has historically coincided with early market bottoms or extended periods of price weakness.

On the other hand, long-term MVRV readings above 3 typically correspond with overbought phases, while values below 1 indicate 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.