Market Overview
November 2025 witnessed a notable cooldown in the cryptocurrency market, with key metrics such as active users, total value locked (TVL), protocol fees, and decentralized exchange (DEX) volumes all experiencing declines. This pullback occurred amidst market volatility, highlighting a reduction in user engagement despite increasing institutional interest in Bitcoin.
Active Users
According to the latest data from Presto Research, Tron, BNB Chain, and Solana maintained their dominance in terms of active users for the seventh consecutive month, with Tron leading the pack. However, the overall trend was one of decline.
TVL Declines
The dollar‑denominated value of locked assets decreased due to market pressure. Bera Chain’s TVL dropped by more than half, while Sui and Sonic saw TVL declines of over 40%. Avalanche experienced a nearly 30% dip.
Positive Signs
There were some bright spots, such as a $1.5 billion increase in stablecoin balances on Ethereum, which also led in bridged capital with over $200 million. Nonetheless, these positives were overshadowed by the broader decline in activity.
Fee and DEX Activity
Solana, Ethereum, and Base—platforms that typically generate high fees—saw steep monthly fee declines, indicating a slowdown in transactions. DEX volumes also fell, with Uniswap and Curve experiencing significant drops.
Bitcoin Price Movement
During the volatile period, Bitcoin briefly dipped below $84,000 before rebounding to around $92,000. Analysts linked the rebound to a surge in futures buying following Vanguard’s approval of trading for several spot crypto ETFs, marking the strongest buy‑side futures activity since early 2023.
Analyst Commentary
Despite improvements in stocks and gold, crypto markets faced lighter inflows in early December. Arca CIO Jeff Dorman described the downturn as one of the strangest crypto sell‑offs ever, noting the absence of pressures from interest rates or stablecoin fears. He suggested that crypto‑native traders are drained, and new capital has been slow to appear.
Conclusion
November 2025 was a challenging month for the crypto market, with declines in key metrics indicating a slowdown in user activity. While there were some positive signs, the overall trend suggests a cooldown in the crypto economy, despite growing institutional interest driven by ETF access for millions of Vanguard clients.
