the month of november cryptocurrency market It attracted attention with both fluctuating price movements and a significant decrease in activity. The number of active users, total value locked (TVL), protocol fees, and decentralized exchange (DEX) volumes all declined simultaneously, according to Presto Research’s latest on-Blockchain report. This emerging picture indicates that individual participation is weakening in a period when corporate interest is increasing.
Decline in Key Indicators Such as TVL and DEX Volume
According to Presto Research data, Tron, BNB Chain And solana It maintained its leadership in active users for seven consecutive months. However, due to market-wide depreciation, the value of dollar-based assets on the TVL side decreased sharply. In particular, Bera Chain’s TVL dropped by half during the month. Exceeding 40 percent on Sui and Sonic networks, Avalanche 
$12.95A contraction of nearly 30 percent was observed in .
In contrast, Ethereum 
$2,804.64continued its leadership in cross-chain bridge traffic and achieved a $1.5 billion increase in stablecoin balances. Still, it wasn’t enough to save the overall picture. While transaction fees on the Solana, Ethereum, and Base networks declined sharply, Uniswap’s volume decreased by $500 million and Curve’s by approximately $300 million. All these indicators clearly revealed the slowdown in network usage.
Bitcoin in mid-November 
$86,989.86The drop below $84,000 and then recovering to $92,000 further highlighted the fluctuation in on-chain activity. Analysts described the increase in futures purchases after Vanguard approved spot crypto ETFs as the strongest “buying wave” seen since the beginning of 2023.
Increase in Corporate Interest, Weakness in Individual Participation
Arca CIO Jeff Dorman called the current decline “one of the strangest sell-offs in crypto history.” Stating that risks arising from interest rates or stablecoins are not effective, Dorman emphasized that the selling pressure is largely due to “tired crypto local investors”. On the other hand, it is observed that the corporate front is gaining strength thanks to ETF access. Although Vanguard’s opening of crypto ETF transactions to millions of customers increased interest in Bitcoin, the same momentum was not seen on the retail investor side.
This divergence has become an important element explaining the weakness in on-chain data. The market’s failure to gain momentum in individual activity despite institutional capital flows brought about a silent decline in the DeFi segment. As a result, November 2025 stood out as a month when the market entered the rest phase, both technically and behaviorally.
