Cryptocurrency On-Chain Performance Experiences a Dip in November Across All Major Metrics

Presto Research's latest on-chain data indicates a widespread slowdown in the cryptocurrency economy in November 2025, marked by a decrease in active users, total value locked (TVL), protocol fees, and decentralized exchange volumes. Despite increased institutional interest in Bitcoin, user engagement continues to thin. Dominant chains Tron, BNB Chain, and Solana witnessed a dip in network and protocol TVL due to price pressures across the market. On a positive note, stablecoin balances on Ethereum increased by over $1.5 billion. However, this was overshadowed by reduced activity in other areas, such as a slowdown in transactions on Solana, Ethereum, and Base. Despite increased institutional participation, retail and DeFi engagements have not matched the pace, painting a weakening on-chain picture for November.