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Bitcoin markets are losing some of their heat in mid-December after witnessing a frantic November. Both centralized exchanges (CEXs) and ETFs are showing a clear pullback in trading activity. Fresh data shows CEX volumes at roughly $191 billion so far this month. It took a sharp step down from the $263 billion logged in the first half of November. Binance locked more than $50 billion of that turnover.
The global crypto market printed red indexes all the way on Wednesday. The cumulative market cap dropped marginally to stand around $2.95 trillion. Its 24-hour trading volume dipped by 10% hovering over $109 billion. Bitcoin looked set to reclaim the $87,000 mark while Ethereum aims to get over $3,000.
Binance dominates as crypto liquidity surges
According to a report, crypto liquidity is piling into Binance. It saw record spot and perp volumes with $1.17 trillion in inflows. The biggest crypto exchange’s spot trading volume is reportedly on pace to reach around $7 trillion in 2025. It is exceeding the 2024 record and standing at nearly 5x the volume of its closest competitor, Bybit.
Spot Bitcoin ETFs are seeing an even steeper comedown. Trading activity across the dozen US-launched products has slipped to about $39 billion. It is pretty much below the $50 billion recorded during early November’s risk-on window. This drawdown suggests a broader change in tone across crypto markets.
A report mentioned that the month-to-month difference shows how unusually strong November really was. The month was driven by a burst of risk-taking and heavy two-way flows during Bitcoin’s run. BTC was trading around $110,000 at the beginning of November. However, BTC price dipped below $85,000 in the second half of the month.
December is shaping up as a consolidation phase. Bitcoin entered the month trading at $86,000 and went on to hit $93,000 in a recovery rally. Still, the OG crypto is down by almost 26% in the last 30 days. BTC is trading at an average price of $86,916 at press time.
XRP ETFs defy market slump
One corner of the market is anything but quiet. Newly launched XRP ETFs have crossed $1.18 billion in assets. It was fueled by 30 straight trading days of net inflows since its November debut. This pace has put them on the track to become one of the fastest-growing crypto ETF categories ever launched.
Cryptopolitan reported that Ripple’s CEO called the trend “clear evidence of pent-up demand” for these products. The streak stands unmatched by Bitcoin or Ether ETFs.
On December 16 alone, Bitcoin ETFs saw $277 million in net outflows. Fidelity’s FBTC turns out to be the only ETF printing green with $26.72 million inflow. BlackRock’s IBIT got hit with the massive $210.6 million withdrawals. Ether ETFs logged another $224 million in outflows. It was their fourth straight day of withdrawals.
Meanwhile, Solana products managed a modest $3.6 million inflow.
The broader industry is still working through the fallout of Bitcoin’s 30% slide from October’s record. Crypto-treasury firms are being hit the hardest. Strategy Inc. has seen its stock lose more than 55% from mid-July levels. Japan’s Metaplanet and other treasury imitators have seen similar drawdowns.
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