Crypto Trading Volumes Plunge to 2-Year Lows as Market Fatigue Sets In

Low trading volume reflects a reluctance among market participants to make aggressive bets in either direction right now.

New data from on-chain analytics firm Santiment shows that trading activity across crypto’s largest non-stablecoin assets has fallen to levels not seen since 2024.

According to the company, the slowdown is pointing to a market where traders have largely stepped back, a condition that has often appeared before relief rallies when confidence eventually comes back.

Crypto Traders Retreat as Volumes Dry Up

Santiment’s analysis, shared on X on June 11, noted that top-cap assets are seeing two-year low trading volumes and framed that as a potential capitulation signal rather than the start of another leg down.

“Traders appear reluctant to aggressively buy or sell as macro uncertainty, geopolitical tensions, and recent liquidations keep participants on the sidelines,” wrote the firm.

While low activity can appear bearish, Santiment noted that periods of weak participation have historically come just before some of crypto’s strongest recoveries. The firm said markets rarely reverse higher when investors are actively chasing prices and that turning points often emerge when traders become disengaged and expect little movement.

Data from CoinGecko supported Santiment’s take on trading flow, whereby the 24-hour trading volume of Bitcoin amounted to about $30 billion, dropping by almost 20% when compared to that of the previous day. Ethereum’s, though, was a much more modest 1.40%, while Tron (TRX) and BNB saw activity dip by 4% and 10%, respectively.

Still, some altcoins registered upticks, with Solana (SOL), for instance, seeing a 23% jump in its 24-hour trading volume while that of Ripple’s XRP went up 11%.

Santiment says that this type of market situation, where capital is sitting idly despite continued development and institutional involvement in the industry, is becoming more like one looking for a new reason to make a move.

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“If confidence begins returning, just a small amount of inflows could be enough to spark a much needed relief rally as sidelined capital re-enters the sector,” was their verdict.

On-Chain Signals Are Not Helping

The lack of participation from crypto investors isn’t happening in a vacuum, given that the on-chain backdrop has grown more difficult recently.

For example, data published earlier this week by CryptoQuant contributor Axel Adler Jr. showed that BTC’s Realized Cap 30-day change had fallen to -1.1%, the deepest level of capital outflows since mid-March, with around $12 billion leaving the network since a high point in May.

Meanwhile, Bitcoin’s adjusted SOPR, which measures whether coins are being sold at a profit or loss, has stayed below 1.0 for 13 straight days. That reading means that the BTC moved on-chain is being sold at an average loss, which Adler associated with weaker holders leaving the market.