According to data from The Block, the on-chain transaction volume of Ethereum in November reached $183.74 billion, setting the highest monthly transaction volume of the year, and is also the highest value in nearly three years, second only to December 2021 ($241 billion).
Although it is significantly lower than the historical peak of $404.93 billion in May 2021, the performance in November indicates that trading activity has stabilized, showing a steady growth of 9% compared to the annual peak in March, and is nearly double the annual lowest on-chain transaction volume in January ($107.93 billion).
Analysts believe that the growth may be driven by capital rotation, as market participants reduce risk and reallocate funds from centralized exchanges to on-chain activities.