According to data from The Block, Ethereum's on-chain transaction volume reached $183.74 billion in November, the highest monthly transaction volume so far this year. This is also the highest on-chain transaction volume of Ethereum in nearly three years since $241 billion in December 2021. Although this figure is far from the all-time high of $404.93 billion set in May 2021, November's performance shows that trading activity levels have returned to stability. This figure has steadily increased by 9% compared to the annual high set in March, and is almost double the annual low on-chain transaction volume of $107.93 billion in January. Analysts say this growth may be driven by capital rotation as market participants move down the risk curve and reallocate funds from centralized exchanges (CEX) to on-chain activities.