“Bitcoin, ether and most majors fell last month as spot, derivatives and stablecoin volumes dropped and US crypto ETPs saw heavy outflows.”, — write: www.coindesk.com
The bank flagged a sharp slowdown in stablecoin turnover, with average daily volume down 26% month-on-month, and significantly weaker decentralized finance (DeFi) and non-fungible token (NFT) volumes as well.
Concerns over leverage in the system, talk of a possible new crypto winter and underperformance versus equities all weighed on valuations and activity, overshadowing a handful of M&A deals and product launches, analysts led by Kenneth Worthington said in the Tuesday report.
Flows into US listed crypto products also turned negative, the analysts wrote. US bitcoin spot exchange-traded funds (ETFs) saw $3.4 billion in net outflows in November, wiping out October’s net inflows.
US ether exchange-traded products logged their worst month on record, with $1.4 billion in net redemptions, the report noted.
Trading activity deteriorated as well. Overall spot volumes fell 19% month-on-month in November, based on CoinDesk Data, with TradingView suggesting a similar ~23% decline, JPMorgan said.
Bitcoin’s BTC$90,174.66 market value dropped 17% to $1.8 trillion, still outperforming ether ETH$3,190.05whose market cap slid 22% to $361 billion, the analysts wrote.
Crypto materially underperformed traditional equity benchmarks, with the S&P 500 flat and the Nasdaq 100 down about 2% last month.
The total crypto market capitalization fell 17% to $3.04 trillion, while crypto-related public equities lost 21% of their value.
Read more: JPMorgan Maintains Bitcoin’s Gold-Linked Target at $170K Despite Recent Drop
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- GoPlus Intelligence’s Token Security API averaged 717 million monthly calls year-to-date in 2025, with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch, the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B, while derivatives volume peaked the same month at over $4B.
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The token now has support at the $1.37 level and resistance at $1.43.
- FIL slumped from $1.48 to $1.38, breaking key support with an 85% volume spike
- The technical breakdown confirms a trend reversal from the December highs near $1.55.
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