Crypto On-Chain Activity Cools in November as User Engagement Thins

The data from Presto Research paints a picture of broad-based weakness. The pullback was not isolated to a single chain or sector but manifested across active users, TVL, protocol fees, and DEX volumes concurrently. This synchronized decline suggests a systemic reduction in on-chain economic activity rather than capital simply rotating between protocols. The downturn is particularly notable as it occurred during a month already characterized by significant market volatility, indicating that price swings failed to stimulate the network usage and trading activity typically associated with such periods.

In terms of user adoption, a familiar hierarchy held firm but within a shrinking pie. Tron, BNB Chain, and Solana maintained their dominance in active users for the seventh consecutive month, with Tron retaining the top spot. However, this consistency masked an overall thinning of user engagement across the ecosystem. A similar pattern was evident in Total Value Locked (TVL), where widespread price pressure eroded the dollar-denominated value of assets committed to DeFi protocols. Bera Chain’s TVL was cut by more than half, while Sui and Sonic each saw drops exceeding 40%. Avalanche was not spared, experiencing a nearly 30% decline in locked value.

Amid the gloom, Ethereum demonstrated notable resilience in specific areas. According to Presto’s report, stablecoin balances on the Ethereum network grew by over $1.5 billion, a sign of capital seeking a safe harbor or preparing for deployment. Furthermore, Ethereum led in bridged capital, attracting more than $200 million from other chains. These figures point to its enduring role as a central liquidity hub and settlement layer, even during a downturn.

Nevertheless, these bright spots were decisively outweighed by weakening activity elsewhere. The most telling signals came from protocol fees and DEX volumes, direct indicators of economic throughput. Major fee-generating networks like Solana, Ethereum, and Base recorded some of the steepest monthly declines, pointing to a tangible slowdown in transactions and smart contract execution. The story was mirrored in decentralized exchange activity. Uniswap, a bellwether for DeFi trading, saw the largest month-on-month volume drop of more than $500 million, followed closely by Curve’s nearly $300 million decline. This contraction in DEX volumes underscores a retreat from the speculative trading and yield farming that often drive DeFi engagement.

The on-chain cooldown coincided with a turbulent period for crypto prices, notably for Bitcoin (referred to as Bitcoly in the source), which dipped below $84,000 before rebounding to around $92,000. Analysts at CoinCare linked this rebound to a surge in futures buying, triggered by Vanguard’s approval of trading for several spot crypto ETFs for its clients. This event catalyzed what was described as the strongest buy-side futures activity since early 2023, showcasing robust institutional appetite.

This institutional momentum, however, stands in stark contrast to the weakening on-chain picture. Jeff Dorman, CIO of Arca, characterized the market’s behavior as “one of the strangest crypto sell-offs ever,” noting the absence of traditional macro pressures like interest rate fears or stablecoin instability. Instead, he pointed to exhaustion among crypto-native traders and a failure of new capital to enter the ecosystem at a meaningful pace. The data from November 2025 crystallizes this dichotomy: while access products like ETFs are broadening institutional involvement, as seen with Vanguard’s move, the core DeFi and retail user base appears drained, leading to the broad decline in active users, TVL, and DEX volumes reported by Presto Research.