Crypto Volume Drops To 2-Year Low—Is A Relief Rally Next?

On-chain data shows trading volume in the crypto sector has slumped to the lowest level in two years, a sign that investors have turned their attention away from the market.

In a new post on X, on-chain analytics firm Santiment has talked about the latest trend in the trading volume of crypto assets. The “trading volume” here refers to an indicator that keeps track of the total amount of a given token that’s becoming involved in trading activity on the various centralized exchanges.

When the value of the metric rises, it means exchanges are observing increased activity surrounding the asset. Such a trend implies the token is attracting attention from traders. On the other hand, the indicator going down suggests investors may be losing interest in the market as they are participating in fewer trades on exchanges.

Now, here is the chart shared by Santiment that shows how the trading volume of the different top-cap cryptos has changed over the last few years:

As displayed in the above graph, the trading volume peaked for the combined crypto sector back in mid-2025. Since then, the indicator has followed a downward trajectory for the various coins.

After the latest continuation of the downtrend, the crypto trading volume has declined to its lowest level since mid-2024. “Traders appear reluctant to aggressively buy or sell as macro uncertainty, geopolitical tensions, and recent liquidations keep participants on the sidelines,” noted the analytics firm.

While the trend may look bearish at first glance, the past pattern could suggest otherwise for the market. “Historically, some of crypto’s strongest recoveries have emerged from periods when interest, volume, and participation were at their lowest,” explained Santiment. Considering this, it now remains to be seen how the sector will develop in the near future.

While crypto volume may have waned, the same hasn’t been true for adoption. As highlighted by the analytics firm in another X post, the Total Amount of Holders, an indicator tracking the total number of non-empty addresses present on a given network, has been climbing for the different top assets in recent years.

From the chart, it’s apparent that Ethereum is the crypto that has enjoyed the strongest adoption, with the Total Amount Of Holders sitting at 195 million. “While social media remains focused on $ETH’s underperformance, user adoption has continued moving in the opposite direction,” said Santiment.

At the time of writing, Bitcoin is floating around $62,700, up 1.8% in the last 24 hours.