Crypto Market Volumes and Values Declined Across the Board in November, JPMorgan Reports
In November, the total cryptocurrency market capitalization fell 17% to approximately $3.04 trillion. Bitcoin's market cap stood near $1.8 trillion with a price around $90,276, while Ether's price was about $3,202, accompanied by a market cap decline of around 22% to roughly $361 billion.
Overall spot trading volumes decreased about 19% month-over-month, with TradingView data suggesting a decline closer to 23%. Spot trading, as well as transactions involving stablecoins, decentralized finance (DeFi), and non-fungible tokens (NFTs), dropped about 20% month-on-month, attributed to reduced volatility and selling pressure cooling market activity.
U.S. bitcoin spot exchange-traded funds (ETFs) experienced $3.4 billion in net outflows during November, while Ether exchange-traded products saw a record $1.4 billion in net redemptions. Stablecoin turnover's average daily volume also fell approximately 26% month-on-month.
Crypto-related public equities declined about 21% in value, whereas traditional indices showed weaker performance, with the S&P 500 remaining mostly flat and the Nasdaq-100 down around 2%.
Investor flows into U.S.-listed crypto products turned negative amid concerns about leverage, potential crypto-winter fears, and the sector's underperformance relative to equities, despite some mergers and acquisitions (M&A) deals and product launches.
