In November, the Ethereum on-chain transaction volume reached $183.74 billion, setting the highest monthly transaction volume so far this year. This is also the highest value for Ethereum's on-chain transaction volume in nearly three years since $241 billion in December 2021.

Although this figure is far from the historical high of $404.93 billion set in May 2021, November's performance indicates that the level of trading activity has stabilized. Compared to the annual high reached in March, this figure has steadily increased by 9%, nearly doubling the annual low on-chain transaction volume of $107.93 billion in January.

Analysts say this growth may be driven by capital rotation, as market participants lower their risk curve and reallocate funds from centralized exchanges (CEX) to on-chain activities.