In November 2024, Ethereum's onchain volume reached $183.74 billion, marking its highest monthly volume year-to-date.

This impressive volume nearly doubled the year's lowest onchain volume of $107.93 billion recorded in January.

While November's volume is significantly lower than the all-time high of $404.93 billion in May 2021, it still reflects a 9% increase over the previous yearly high from March 2024.

This figure also represents the highest onchain volume since December 2021, which recorded $241 billion.

The increase in onchain volume is attributed to a capital rotation, as participants are reallocating funds from centralized exchanges (CEXs) to onchain activities.

This shift in transaction composition has led to lower fees, favoring stable, high-value transfers over high-fee speculative trades.

Despite the record yearly onchain volumes, the average transaction fee on Ethereum remained low, at one-fifth of the cost seen during the previous yearly highs in March.

Interestingly, high-volume speculative trading may have shifted to the Solana blockchain, with platforms like pump.fun gaining traction.

Ethereum-based NFT marketplaces experienced their highest combined monthly volume since June 2024, driven by this capital rotation into NFTs.

NFT trade volume on Ethereum averaged $55 million per week over the past three weeks, nearly double the previous months' weekly average.

Notable NFT projects, such as CryptoPunks, Pudgy Penguins, and Milady Maker, saw significant floor price increases of 55%, 46.5%, and 36.7%, respectively, in November.