Spot trading activity across major centralized exchanges fell sharply in November 2025, marking a significant cooldown after October’s stronger market conditions.
Total spot volume slid by 28% month-over-month, reflecting weaker momentum across nearly all leading platforms.
Top Performers: Bitfinex Stands Out as Rare Gainer
Most exchanges recorded declines, but one platform moved in the opposite direction:
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.
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%.… pic.twitter.com/oXgFKyrv6b
— Wu Blockchain (@WuBlockchain) December 10, 2025
Two other exchanges showed relative resilience:
- Coinbase: down just 8%, outperforming the broader market despite its ongoing regulatory headwinds.
- KuCoin: down 17%, still holding steadier than many competitors.
Their smaller declines helped place them among the top three performers for the month.
Largest Declines Concentrated in High-Volume Platforms
Several major exchanges saw steep declines as market participation thinned:
- Bitget: down 62%, the sharpest drop of any listed exchange.
- Gate: down 44%, reflecting a significant contraction from October’s strong activity.
- MEXC: down 34%, continuing its multi-month decline in spot volume.
Other large exchanges also recorded notable decreases: Binance (-25%), Bybit (-32%), OKX (-28%), and HTX (-28%).
Industry-Wide Volume Slide Highlights Market Caution
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.
The decline aligns with a quieter month for volatility, fewer major catalysts, and traders reducing exposure ahead of key macroeconomic events in December.
