According to The Block data, the on-chain trading volume of Ethereum reached 183.74 billion U.S. dollars in November, setting the highest monthly trading volume so far this year. This is also the highest level of on-chain trading volume for Ethereum in nearly three years since the 241 billion U.S. dollars recorded in December 2021.

Although this figure is far from the historic high of 404.93 billion U.S. dollars set in May 2021, the performance in November indicates that trading activity levels have stabilized, with a steady increase of 9% compared to the annual high set in March, nearly doubling the annual low on-chain trading volume of 107.93 billion U.S. dollars in January.

Analysis suggests that this growth may be driven by capital rotation, as market participants lower their risk curve and reallocate funds from centralized trading to on-chain activities. #BTC☀ #ETH🔥🔥🔥🔥 $BTC $ETH