On-chain data shows that trading volume in the crypto sector has fallen to the lowest level in two years, a sign that investors have turned their attention away from the market.
Crypto trading volume has seen a notable decline
In a new after at X, on-chain analytics firm Santiment discussed the latest trend in crypto asset trading volume. The “trading volume” here refers to an indicator that tracks the total amount of a particular token that gets involved in trading activities on the various centralized exchanges.
When the value of the metric increases, it means that exchanges are seeing increased activity around the asset. Such a trend implies that the token is attracting the attention of traders. On the other hand, the falling indicator indicates that investors may be losing interest in the market as they participate in fewer trades on the exchanges.
Here is the chart shared by Santiment showing how the trading volume of the various top-cap cryptos has changed in recent years:
As shown in the chart above, trading volume for the combined crypto sector peaked in mid-2025. Since then, the indicator for the different coins has been on a downward trajectory.
Following the latest continuation of the downtrend, cryptocurrency trading volume has fallen to the lowest level since mid-2024. “Traders appear reluctant to buy or sell aggressively as macro uncertainty, geopolitical tensions and recent liquidations keep participants on the sidelines,” the analytics firm said.
While the trend may look bearish at first glance, the past pattern for the market might suggest otherwise. “Historically, some of crypto’s strongest recoveries have emerged from periods when interest rates, volume, and participation were at their lowest,” Santiment explains. Taking this into account, it remains to be seen how the sector will develop in the near future.
While crypto volume may have declined, adoption has not. As highlighted by the analytics company in another X afterTotal Holders, an indicator that tracks the total number of non-empty addresses on a given network, has increased in recent years for the various top assets.
The graph shows that Ethereum is the crypto that has seen the strongest adoption, with a total number of holders of 195 million. “While social media remains focused on $ETH’s underperformance, user adoption has continued to move in the opposite direction,” Santiment said.
Bitcoin price
At the time of writing, Bitcoin is hovering around $62,700, up 1.8% in the past 24 hours.