Centralized exchanges saw a steep decline

Centralized exchanges recorded $1.59 trillion in spot trading during November, marking a significant drop from the previous month. This decline followed fading volatility and widespread profit-taking after October’s rapid rally. As trading ranges narrowed, short-term opportunities weakened and traders reduced exposure.

Binance remained the largest exchange with $599 billion in volume, although the figure reflected a sharp pullback from October. Bybit, Gate.io and Coinbase also posted declines, reinforcing the broader cooling trend across the sector. The crypto market entered a slower phase as reduced momentum limited risk appetite and curbed trading frequency.

This period highlighted a notable shift in trading behavior, as investors responded to compressed conditions and waited for clearer market signals.

DEX volume also dropped significantly

The slowdown extended to decentralized exchanges. DEX volume fell to $397.7 billion in November, marking the lowest level since June. Additionally, major platforms like Uniswap and PancakeSwap saw meaningful decreases, reflecting softer DeFi incentives and weaker speculative activity. The market slowdown and narrower price ranges further reduced short-term trading participation.

The DEX-to-CEX volume ratio slipped to 15.73 percent, signaling a rotation back toward centralized exchanges. Deeper liquidity and tighter spreads provided more efficient execution, which became increasingly important as volatility dried up. Meanwhile, reduced incentive yields made DEX activity less attractive in the short term.

Bitcoin’s price drop weakened overall risk appetite

The downturn became more visible through Bitcoin price action. The Bitcoin price fell from $110,000 to nearly $81,000 over the month, adding pressure to the broader market slowdown. Combined with shrinking trading activity, the drop reinforced caution among retail and institutional traders. Spot Bitcoin ETFs recorded $3.48 billion in net outflows, the highest since February.

These developments shaped three key behavioral shifts in November:

• Traders preferred waiting as volatility collapsed.
• Low-margin trading reduced overall activity.
• Liquidity tightened across both CEX and DEX platforms.

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ASTER Whale Deposits and Binance Activity 

On-chain trackers reported large ASTER deposits into Binance spot wallets. A small test transfer was followed by a major transaction worth $4.8 million. 

Investors believe this movement aligns with Binance’s method of testing token inflows and outflows before an official listing. CZ’s praise for ASTER further fueled excitement, pushing the token’s value up over 1,500% in a week. 

• Test and major transfers to Binance spot wallets 
• CZ’s approval and endorsements 
• On-chain data supporting listing speculation 
• ASTER DEX Success and Trading Volumes 

The new DEX platform quickly reached $42 billion in daily trading volume, surpassing $1 trillion cumulatively. Daily protocol fees hit roughly $15 million, outpacing competitors. Success on the exchange has also impacted derivatives markets. According to CoinGlass, open positions in ASTER rose 7.57% to $1.2 billion, reflecting strong investor confidence and speculative interest. 

Holy shit @binance is testing $ASTER withdrawals

You guys know what's coming.

The $3 dream is just the start pic.twitter.com/z3bvyxoFa2

— BagCalls (@BagCalls) October 2, 2025

High-Profile Investor Interest in ASTER 

ASTER has drawn attention from prominent investors and influencers. YouTuber MrBeast purchased approximately $320,000 worth of ASTER tokens. Blockchain data shows former President Donald Trump holds around $112 million in ASTER. These developments highlight the token’s appeal to both retail and institutional investors and its high market potential. 

ASTER’s rapid trading volume growth and investor interest, combined with Binance deposit activity, strengthen listing expectations. Investors and followers are eagerly monitoring the token’s future performance. 

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On Monday, REX Shares confirmed the imminent launch of the REX-Osprey Solana and Staking ETF, set to go live on Wednesday. This fund will give U.S. investors direct access to spot SOL while earning staking rewards — a unique structure in the regulated ETF space.

How the Solana ETF Will Work

The fund utilizes a C-Corp structure that recently received positive feedback from the U.S. Securities and Exchange Commission (SEC). Previously flagged as conflicting with ETF rules, this model now aligns with recent SEC interpretations, especially after the regulator ruled in May that staking does not violate securities laws.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

This opens the door for innovative financial products in the crypto sector, starting with Solana and potentially extending to other altcoins.

SOL Price Surges as ETF Launch Nears

Following the announcement, SOL rallied over 6% to $158, marking a weekly gain of more than 12%. Despite the bullish sentiment, SOL is still trading 46% below its all-time high.

With a market capitalization of $83.5 billion, Solana is currently the sixth-largest cryptocurrency. Its growing dominance in the decentralized exchange (DEX) market — outpacing Ethereum in volume — adds to its momentum. Platforms like Raydium, Pump.fun, and Orca are playing a key role in this trend.

Bloomberg ETF expert Eric Balchunas recently noted that Solana is “leading the way” among a new wave of crypto ETFs expected to gain regulatory approval soon.

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