In November, the on-chain transaction volume of Ethereum reached $183.7 billion, the highest of the year. According to a report by Golden Finance, data from The Block shows that the on-chain transaction volume of Ethereum in November reached $183.74 billion, setting a new record for the highest monthly transaction volume this year. This is also the highest on-chain transaction volume for Ethereum in nearly three years since the $241 billion recorded in December 2021. Although this figure is far from the historical high of $404.93 billion set in May 2021, the performance in November indicates that the level of trading activity has stabilized. Compared to the yearly high reached in March, this figure has steadily increased by 9%, nearly doubling the yearly low on-chain transaction volume of $107.93 billion recorded in January. Analysts suggest that 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.

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