The latest on-chain data from Presto Research shows that November 2025 brought a broad cooldown across the crypto economy, with active users, total value locked (TVL), protocol fees, and decentralized exchange (DEX) volumes all falling at the same time.
The pullback lands during a month already marked by volatile market swings, adding fresh signs that user engagement continues to thin even as institutional interest in Bitcoin grows.
Adoption Metrics Show Broad Weakness in November
According to Presto Research, the same three chains, Tron, BNB Chain, and Solana, have continued to dominate active users for seven months straight, with Tron once again holding the top spot.
A similar pattern appeared in network and protocol TVL. The firm highlighted that price pressure across the market cut the dollar-denominated value of locked assets, with Bera Chain’s TVL dropping by more than half during the month.
Many well-known DeFi platforms also saw their own TVL values shrink as token prices slid and user activity cooled. Sui and Sonic both saw a more than 40% drop, with Avalanche hit by a nearly 30% dip.
However, not all metrics painted a bleak picture. Stablecoin balances on Ethereum climbed by more than $1.5 billion, according to Presto’s report, and the chain also led in bridged capital, taking in over $200 million.
Still, these pockets of strength were outweighed by shrinking activity elsewhere. Solana, Ethereum, and Base, typically among the highest fee-generating networks, saw the steepest monthly fee declines, signaling a noticeable slowdown in transactions. DEX volumes told the same story, with Uniswap recording the largest month-on-month drop of more than $500 million, followed by Curve’s nearly $300 million dip.
This downturn arrived during a turbulent week for markets. Earlier in the month, Bitcoin briefly dipped below $84,000 before rebounding to around $92,000 at the time of writing.
Analysts such as CoinCare have linked the rebound to a rush of futures buying after Vanguard approved trading for several spot crypto ETFs, calling the shift the strongest buy-side futures activity since early 2023.
Macro Strength, Institutional Interest, and a User Pullback
Even with improving conditions in stocks and gold, crypto markets spent early December wrestling with lighter inflows, pushing Arca CIO Jeff Dorman to describe the downturn “one of the strangest crypto sell-offs ever,” and noting that pressures from interest rates or stablecoin fears were absent. Instead, he argued that crypto-native traders appear drained while new capital has been slow to appear.
That backdrop could provide context for November’s weakening on-chain picture. Despite rising institutional involvement, amplified by ETF access for millions of Vanguard clients, retail and DeFi participation have not kept pace.