Crypto’s Worst Month Since February: Volume Sinks to $1.6T, ETFs Bleed $3.5B

Market Overview - Crypto markets experienced their steepest monthly decline since February, with exchange volumes dropping to $1.59 trillion and Bitcoin ETFs facing $3.48 billion in net outflows [1] - Bitcoin's price fell below $86,000, resulting in over $600 million in liquidated leveraged positions, following a decline from its all-time high of $126,251 [1] Exchange Performance - Binance retained its market leadership with a November volume of $599.34 billion, down from $810.44 billion in October [2] - Other exchanges like Bybit, Gate.io, and Coinbase recorded volumes of $105.8 billion, $96.75 billion, and $93.41 billion respectively [2] Decentralized Exchanges (DEXs) - DEX volumes fell to $397.78 billion from $568.43 billion in October, marking the lowest monthly total since June [3] - Uniswap led DEX platforms with $79.98 billion in November volume, down from $123.88 billion, while PancakeSwap processed $70.57 billion, down from $102.02 billion [3] Market Dynamics - The DEX-to-CEX volume ratio decreased to 15.73% in November from 17.56% in October, indicating a shift towards centralized exchanges amid worsening market conditions [4] - Bitcoin's price fluctuated significantly, starting around $110,000 and dropping to a low near $81,000 before a slight recovery [4] Liquidation Events - The selloff resulted in $564.3 million in long position liquidations, with Bitcoin accounting for $188.5 million and Ether for $139.6 million, pushing total market liquidations over $641 million [5] External Influences - Speculation regarding a potential December rate hike by the Bank of Japan was identified as a key factor contributing to the market crash [6] - Market participants are projecting a 52% chance of a 25-basis-point increase at the BOJ's upcoming meeting, with bond investors assigning a 76% probability [6]