On-chain data indicates cryptocurrency trading volumes across major tokens have fallen to a two-year low, suggesting traders are stepping back amid broader market uncertainty. Analytics firm Santiment says the pullback in activity contrasts with continued growth in network adoption metrics.
Trading Volumes Hit Two-Year Low
Santiment reported in a post on X that aggregate trading volumes for top-cap crypto assets on centralized exchanges have trended lower since peaking in mid-2025. Following the latest decline, volumes now sit at their lowest levels since mid-2024.
The firm defines trading volume as the total amount of a given token transacted on centralized exchanges. Rising volume typically signals greater market participation, while falling volume suggests waning interest and fewer trades.
“Traders appear reluctant to aggressively buy or sell as macro uncertainty, geopolitical tensions, and recent liquidations keep participants on the sidelines,” Santiment noted.
Low Activity Has Preceded Past Recoveries
While subdued volumes can be interpreted as bearish, Santiment pointed to historical periods when weak participation preceded notable rebounds. “Historically, some of crypto’s strongest recoveries have emerged from periods when interest, volume, and participation were at their lowest,” the firm said.
Adoption Trends Continue to Rise
Despite the slump in trading activity, adoption metrics have continued to climb. Santiment highlighted growth in the “Total Amount of Holders”—the number of non-empty addresses—for several leading networks. Ethereum shows the strongest growth among top assets, with approximately 195 million non-empty addresses.
“While social media remains focused on $ETH’s underperformance, user adoption has continued moving in the opposite direction,” Santiment added.
Market Snapshot
At the time of writing, Bitcoin is trading around $62,700, up about 1.8% over the past 24 hours.