Spot trading activity across major centralized exchanges fell 28% month over month in November 2025, marking a sharp cooldown after October’s stronger conditions, according to November exchange data shared by Wu Blockchain on X and the underlying market statistics.
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
Within the sample, Bitfinex was the rare outlier, lifting spot volume 17% from $10.24 billion in October to $12 billion in November, while Coinbase and KuCoin limited declines to 8% and 17% respectively. By contrast, Bitget’s spot volume slumped 62%, Gate dropped 44% and MEXC 34%, with other large venues such as Binance, Bybit, OKX and HTX also recording double digit pullbacks as combined spot volume fell from $2.36 trillion to $1.70 trillion.
The data set points to an industry wide risk off phase driven by softer volatility and a thinner flow of trading catalysts into year end, as participants reduce exposure and wait for clearer macro and regulatory signals. Observers will now be watching December’s tape and the next monthly exchange update to see whether November proves a temporary pause in activity or the start of a more prolonged cooling in crypto spot trading.
Source: Wu Blockchain (X post).
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