Cryptocurrency trading volume hit a five-month low in November, with significant outflows from Bitcoin ETFs.
TL;DR
Cryptocurrency trading volume hit a five-month low in November, with CEX volume dropping 26.7% to $1.59 trillion. Bitcoin's price fell to $86,500, and U.S. Bitcoin spot ETFs saw a record $3.48 billion outflow.
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On December 1st, according to The Block, cryptocurrency trading volume shrank significantly in November. CEX monthly trading volume fell to $1.59 trillion, a 26.7% decrease from October, marking the lowest level since June. Binance maintained its market leadership, but its trading volume dropped from $810.44 billion in October to $599.34 billion. DEX trading volume also declined to $397.78 billion.
Meanwhile, the price of Bitcoin fell from around $110,000 at the beginning of the month to $86,500 at the end of the month, and the U.S. Bitcoin spot ETF saw a net outflow of $3.48 billion, the largest monthly outflow since February of this year.