Crypto markets saw a steep drop in November, with trading activity collapsing across every major segment, JPMorgan said in a new report. Spot, stablecoin, DeFi and NFT volumes all fell roughly 20% as volatility spiked and risk appetite vanished. Stablecoins were hit hardest, with daily turnover down 26% month-over-month.
U.S. crypto investment products also sank. Bitcoin spot ETFs recorded $3.4 billion in net outflows, erasing October’s gains. Ether products suffered their worst month on record, with $1.4 billion in redemptions. Overall spot trading volumes slid nearly 20%, according to CoinDesk and TradingView data.
Bitcoin’s market cap dropped 17% to $1.8 trillion, though it still outperformed ether, which plunged 22% to $361 billion.
The broader crypto market shed 17% of its value, falling to about $3 trillion, while crypto-linked equities slid 21%.
JPMorgan analysts warned that concerns over leverage, talk of a new “crypto winter,” and weak performance versus stocks drove the downturn.
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