Crypto Trading Volumes Deteriorated Across Board Last Month as Market Slumped: JPMorgan

JPMorgan Breaks Down November’s Crypto Meltdown

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Bitcoin, ether and most majors fell last month as spot, derivatives and stablecoin volumes dropped and U.S. crypto ETPs saw heavy outflows.

By Will Canny, AI Boost|Edited by Stephen Alpher

Dec 11, 2025, 2:36 p.m.

A trader in front of screens. (sergeitokmakov/Pixabay/Modified by CoinDesk)

Spot, stablecoin, DeFi and NFT volumes slumped around 20% month-on-month in November as volatility and selling froze trading activity, according to JPMorgan.
U.S. bitcoin spot ETFs saw $3.4 billion in net outflows and ether ETPs had their worst month on record, the report said.
Total crypto market cap fell 17% last month to $3 trillion, with bitcoin down 17% and ether down 22%.

Crypto trading volumes took a tumble last month as the market suffered a broad-based pullback, according to Wall Street bank JPMorgan.

The bank flagged a sharp slowdown in stablecoin turnover, with average daily volume down 26% month-on-month, and significantly weaker decentralized finance (DeFi) and non-fungible token (NFT) volumes as well.

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Concerns over leverage in the system, talk of a possible new crypto winter and underperformance versus equities all weighed on valuations and activity, overshadowing a handful of M&A deals and product launches, analysts led by Kenneth Worthington said in the Tuesday report.

Flows into U.S. listed crypto products also turned negative, the analysts wrote. U.S. bitcoin spot exchange-traded funds (ETFs) saw $3.4 billion in net outflows in November, wiping out October’s net inflows.

U.S. ether exchange-traded products logged their worst month on record, with $1.4 billion in net redemptions, the report noted.

Trading activity deteriorated as well. Overall spot volumes fell 19% month-on-month in November, based on CoinDesk Data, with TradingView suggesting a similar ~23% decline, JPMorgan said.

Bitcoin’s BTC$90,339.84 market value dropped 17% to $1.8 trillion, still outperforming ether ETH$3,192.44, whose market cap slid 22% to $361 billion, the analysts wrote.

Crypto materially underperformed traditional equity benchmarks, with the S&P 500 flat and the Nasdaq 100 down about 2% last month.

The total crypto market capitalization fell 17% to $3.04 trillion, while crypto-related public equities lost 21% of their value.

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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