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

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Crypto Trading Volumes Deteriorated Across Board Last Month as Market Slumped: JPMorgan 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. Crypto market cap fell 17% to $3T in Nov. as key metrics deteriorated, JPMorgan says. (Pixabay, modified by CoinDesk) What to know : 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. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . 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 $ 90,003.88 market value dropped 17% to $1.8 trillion, still outperforming ether ETH $ 3,171.94 , 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. Read more: JPMorgan Maintains Bitcoin's Gold-Linked Target at $170K Despite Recent Drop Bitcoin News Ether ETFs 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 . More For You Protocol Research: GoPlus Security By CoinDesk Research Nov 14, 2025 Commissioned by GoPlus What to know : As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M. GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month. Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B. View Full Report More For You Filecoin Declines 7%, Breaking Below $1.43 Support By CD Analytics , Will Canny | Edited by Stephen Alpher 53 minutes ago The token now has support at the $1.37 level and resistance at $1.43. What to know : FIL slumped from $1.48 to $1.38, breaking key support with an 85% volume spike The technical breakdown confirms a trend reversal from the December highs near $1.55. Read full story Latest Crypto News CoinDesk 20 Performance Update: Bitcoin (BTC) Drops 3.6% as Index Trades Lower 13 minutes ago Nexo Agrees to Buy Argentina’s Buenbit to Expand Crypto Services Across Latin America 37 minutes ago Klarna Partners With Privy to Explore Crypto Wallet Use Within its Ecosystem 47 minutes ago Filecoin Declines 7%, Breaking Below $1.43 Support 53 minutes ago Cardano Ecosystem Gets a Privacy Boost as Midnight’s NIGHT Goes Live 56 minutes ago Mexico’s Central Bank Keeps a ‘Healthy Distance’ From Crypto 1 hour ago Top Stories $500M Flows MIA for Month: Crypto Daybook Americas 2 hours ago BTC, Nasdaq Futures Drop as Oracle Earnings Revive AI Bubble Fears 4 hours ago U.S. Senate's Crypto Market Structure Bill Gets Messy as Calendar Weighs Down 11 hours ago Gemini Approved by CFTC to Offer U.S. Prediction Markets, Stock Surges Nearly 14% 6 hours ago Revolut and Trust Wallet Launch Instant Crypto Buys in EU With Self-Custody Focus 2 hours ago Bitcoin Swings Wildly as Fed's Powell Straddles Labor Market and Inflation Issues 17 hours ago In this article ETH ETH $ 3,192.44 ◢ 3.85 %