Ethereum has seen robust trading activity consistently throughout 2025. Notably, data indicates that spot trading volume across exchanges hit $375 billion in November. In the meantime, the volume of exchange-traded funds surged to almost $35 billion. Analysis reveals that Ethereum kicked off the year marked by notable volatility in its monthly trading activity, with total volume swinging between approximately $280 billion and $380 billion before experiencing a sharp acceleration in the middle of the year. The increase ultimately led to a peak surpassing $599 billion in August, marking the highest monthly trading volume recorded during that period. Following this spike, trading activity settled but stayed quite strong, wrapping up November at around $375 billion, a number that indicates ongoing market involvement despite ongoing price difficulties. Sources reported that Binance maintained its position as the top platform for Ethereum trading, achieving a remarkable spot trading volume of approximately $198 billion in November alone, emphasizing Binance’s crucial role in real-time liquidity flows and its position as the leading platform for both institutional and retail traders involved in high-volume transactions.
Recent data indicates that institutional interest has significantly influenced the market via regulated investment vehicles, as Ethereum spot funds recorded approximately $35 billion in trading volume for the month. The recent increase in ETF activity shows ongoing interest from traditional market participants, adding an additional layer of “organized liquidity” to the overall dynamics of the Ethereum market during this period. Ethereum is seeing a renewed sense of trust from major investors, with significant activity reflecting an increasing inclination towards long positions. On the price front, ETH has surged past the 3,000 mark. Even though the asset remains about 24% lower for the month, its rebound corresponds with notable buying by key stakeholders. A recent report indicates that wallets holding between 10,000 and 100,000 ETH have hit a record level, now managing over 21 million ETH, while those possessing over 100,000 ETH have raised their overall amount to around 4.3 million ETH.
Further analysis indicates that Ethereum is hovering around fair-value territory, with key on-chain indicators suggesting a critical phase in the market. Ethereum’s Realized Price is currently at 2,315, accompanied by an MVRV ratio of 1.27. The asset is presently in a neutral position, with the market price sitting 27% above the Realized Price, suggesting a state of equilibrium that shows no signs of being overbought or oversold. Binance-specific data indicates a notable shift, with Ethereum’s MVRV ratio on the exchange sitting close to 0.999, slightly under the historically significant threshold of 1.0. A reading below 1 suggests that market capitalization aligns with the Realized Price, leading most investors to experience a situation where they neither gain nor lose. This area has typically corresponded with early market lows or extended periods of price downturn.
On the other hand, long-term MVRV readings above 3 typically correspond with overbought scenarios, while values below 1 indicate market lows characterized by unrealized losses. The current ratio of 1.27 suggests a stable market structure, reflecting a lack of significant signs of extreme valuation.