According to The Block data, the on-chain transaction volume of Ethereum reached $183.74 billion in November, setting the highest monthly transaction volume so far this year. This is also the highest value of on-chain transaction volume of Ethereum in the past three years since $241 billion in December 2021. While this figure is a far cry from the all-time high of $404.93 billion set in May 2021, November's performance suggests that trading activity levels have returned to stability. This is a steady 9% increase from the annual high set in March and almost double the annual minimum on-chain volume of $107.93 billion in January. Analysts say this growth is likely being driven by capital rotation as market participants reduce the risk curve and reallocate funds from centralized exchanges (CEXs) to on-chain activities.