The crypto market experienced a significant downturn in November 2025, as spot trading volumes across major exchanges dropped by 28% compared to October. The fall impacted the largest exchanges, with some seeing notable declines. However, a few platforms managed to show resilience, including Bitfinex, which recorded an increase in trading volume.
Bitfinex Leads the Pack with Growth
Bitfinex, one of the top cryptocurrency exchanges, bucked the overall trend of the market by showing a 17% increase in its trading volume. This rise comes as a surprise, given the overall market slowdown. While other exchanges faced reductions, Bitfinex managed to maintain investor confidence, which led to its positive performance.
November Exchange Data Report: Spot trading volume of major exchanges in November 2025 fell 28% compared with October. The top three exchanges by change rate were Bitfinex +17%, Coinbase -8%, and KuCoin -17%. The bottom three were Bitget -62%, Gate -44%, and MEXC -34%.… pic.twitter.com/oXgFKyrv6b
— Wu Blockchain (@WuBlockchain) December 10, 2025
In November, Bitfinex’s spot trading volume reached $8.8 billion, marking a significant shift from the previous month’s decline. The exchange’s ability to adapt to changing market conditions may have contributed to this unexpected boost. Experts suggest that Bitfinex’s strong customer base and range of offerings might have helped sustain its performance during a generally weaker market.
Despite this positive growth, the crypto market as a whole faced challenges. Many exchanges, especially those smaller than Bitfinex, struggled to maintain trading volume levels. Bitfinex’s performance sets it apart from other platforms, such as Coinbase and KuCoin, which saw a decline of 8% and 17%, respectively, in the same period.
Binance and KuCoin See Declines in November
Binance, the largest exchange by volume, witnessed a decline of 25% in November, from $809.6 billion to $607.1 billion. Despite maintaining its leading position, the exchange experienced a sharp drop in trading activity. This reduction reflects the broader market slowdown, with many traders stepping back due to uncertain market conditions.
KuCoin, another major player, recorded a decline of 16.7% in its trading volume for November. The exchange’s volume dropped from $160.4 billion in October to $133.6 billion. KuCoin’s decrease mirrors the overall market trend and signals that even top exchanges are not immune to the downturn.
This decline in trading volume across exchanges like Binance and KuCoin is indicative of the current crypto market challenges. Traders have been responding to economic uncertainty, regulatory concerns, and lower price volatility in the market. These factors have led to reduced trading activity across the board.
Smaller Exchanges Struggle with Larger Drops
In contrast to Bitfinex’s growth, smaller exchanges such as Bitget, Gate, and MEXC recorded substantial drops in trading volumes. Bitget saw the largest decline, with its trading volume plummeting by 62% in November. From $159.5 billion in October, Bitget’s volume fell to just $60.9 billion, signaling a significant reduction in trading activity on the platform.
Gate, another smaller exchange, faced a 44% drop in its trading volume. The exchange went from $176.2 billion in October to $98.5 billion in November. Similarly, MEXC saw a 34% drop in its trading volume, falling from $174.5 billion in October to $114.7 billion in November.
These drops in volume highlight the struggles faced by smaller exchanges during a period of market instability. As larger platforms experienced modest declines, smaller exchanges had to contend with even steeper losses. Such reductions point to the ongoing challenges within the crypto industry and the volatility that comes with it.