According to online reports, according to data from The Block, transaction volume on the Ethereum chain reached US$183.74 billion in November, setting the highest monthly transaction volume so far this year. This is also the highest transaction volume on the chain in Ethereum in the past three years since the $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 suggests that trading activity levels have returned to stabilization. Compared with the annual high set in March, this figure has steadily increased by 9% and is almost double the annual minimum on-chain transaction volume in January of $107.93 billion. Analysts said the growth may be driven by capital rotation, as market participants reduce the risk curve and reallocate funds from centralized exchanges (CEX) to on-chain activities.