JPMorgan Breaks Down November's Crypto Meltdown
JPMorgan reported that crypto trading volumes deteriorated across the board in November amid a broad market slump.Summary
JPMorgan analysts noted a significant deterioration in crypto trading volumes across spot, derivatives, and stablecoin markets during November as the broader crypto market experienced a pullback. Average daily stablecoin turnover dropped 26% month-on-month, alongside weaker volumes in DeFi and NFTs. Concerns over system leverage and underperformance relative to equities weighed on activity. Flows into U.S. crypto products turned negative, with Bitcoin spot ETFs seeing $3.4 billion in net outflows, and U.S. ether ETPs recording their worst month ever with $1.4 billion in net redemptions. Overall spot volumes fell 19%, and the total crypto market capitalization dropped 17% to $3.04 trillion, significantly underperforming traditional benchmarks like the S&P 500 and Nasdaq 100.
(Source：CoinDesk)