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, marking the highest monthly trading volume recorded during the period. Following this spike, trading activity eased but remained strong, closing November at around $375 billion, indicating continued market participation despite ongoing price pressures.

CryptoQuant found that Binance remained the dominant venue for Ethereum trading, recording 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, adding an additional layer of “organized liquidity” to overall Ethereum market flows.

Currently, Ethereum is witnessing 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. Although remaining about 24% lower over the month, this asset’s recovery coincided with aggressive accumulation from major holders.

ETH Near Neutral Zone

Further analysis reveals that Ethereum is trading near fair-value territory, with important on-chain indicators pointing 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, suggesting neither overbought nor oversold conditions.

Binance-specific data reflects a 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.

The current MVRV ratio indicates a balanced market structure with no strong signals of extreme valuation.