Crypto Trading Volumes Hit 2-Year Lows as Market Fatigue Grows

Crypto trading volumes have plunged to two-year lows across major non-stablecoin assets, with on-chain analytics firm Santiment flagging widespread market fatigue as traders pull back from aggressive positioning amid macro uncertainty and recent liquidation pressure.

Santiment reported on June 11 that trading volume across crypto’s largest non-stablecoin assets had fallen to levels not seen since mid-2024, with traders reluctant to buy or sell aggressively because of macro uncertainty, geopolitical tensions, and recent liquidations. The firm framed the drop as capitulation and market exhaustion that can precede a relief rally rather than automatically signaling another leg down.

Bitcoin traded near $63,334 at press time, up 3.05% over 24 hours, while its reported 24-hour volume sat at roughly $29.9 billion. The total crypto market cap stood at approximately $2.26 trillion with total 24-hour volume of about $79.3 billion.

The Fear and Greed Index sat at 12, deep in “Extreme Fear” territory, reflecting the cautious sentiment that has kept many participants on the sidelines.

TLDR Keypoints

• Trading volumes for major non-stablecoin cryptocurrencies have dropped to two-year lows, according to Santiment, as traders show little appetite for aggressive positioning.
• Average daily crypto trading volume fell 26.2% quarter-on-quarter to $107.8 billion in Q2 2025, marking a second consecutive quarter of shrinking spot activity.
• The volume decline matters because it reduces liquidity, widens spreads, and makes price breakouts less reliable, though Santiment suggests this kind of exhaustion can precede a relief rally.

Why Crypto Trading Volumes Are Falling

Broad Risk-Off Sentiment

Market fatigue, in plain terms, describes a condition where traders lack the conviction to take new positions. After months of choppy price action, macro headwinds, and geopolitical uncertainty, both retail and institutional participants have stepped back. The result is a self-reinforcing loop: thinner volume discourages new entries, which further reduces volume.

CoinGecko’s Q2 2025 market report showed average daily crypto trading volume falling 26.2% quarter-on-quarter to $107.8 billion, a second straight quarter of declining spot activity. Top centralized exchanges recorded $3.9 trillion in spot volume during Q2, down 27.7% from $5.4 trillion in Q1.

CEX-to-DEX Rotation

While centralized exchange volumes cratered, decentralized exchanges told a different story. Top DEX spot volume rose 25.3% quarter-on-quarter to $876.3 billion in Q2 2025, suggesting that some activity migrated on-chain rather than disappearing entirely. This structural rotation turns the narrative from simple “fatigue” into a market-structure shift worth watching, particularly as XRP and other assets continue to see price swings despite the broader slowdown.

What Lower Volumes Mean for Traders and the Broader Market

Immediate Trading Implications

Falling volume directly impacts liquidity. With fewer participants on both sides of the order book, bid-ask spreads tend to widen and individual large trades can move prices disproportionately. Breakouts that occur on low volume are statistically less reliable, meaning technical signals become harder to trust.

Bitcoin dominance sat at roughly 56.3%, indicating that capital has not rotated aggressively into altcoins either. The broader market’s $79.3 billion in daily volume, set against a $2.26 trillion market cap, reflects participation well below levels seen during active trending periods. For traders watching assets like SOL or XRP, thin liquidity amplifies both risk and opportunity.

Recovery Signals to Watch

Santiment’s own framing offers a contrarian take: periods of capitulation-level volume have historically preceded relief rallies as selling pressure exhausts itself. The key metric to monitor is whether volume begins to rise alongside price, which would confirm genuine demand returning rather than a low-liquidity squeeze.

Institutional re-engagement, visible through rising CEX spot volumes and order-book depth, would be the clearest signal that fatigue is lifting. Until then, the two-year volume low marks a market waiting for a catalyst rather than one in freefall.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.