Santiment Says Crypto Trading Volume Falls to Nearly Two-Year Low, Setting Up Rally Conditions

Trading volume in major cryptocurrencies has fallen to its lowest level in nearly two years, according to on-chain analytics platform Santiment. The firm said the slump may also be laying the groundwork for a rebound.

In a report released June 11, Santiment said trading volume in major cryptocurrencies excluding stablecoins had dropped to its lowest level since mid-2024. It said the decline shows that much of the market's excitement and conviction has evaporated.

Investors are refraining from aggressive buying and selling amid macroeconomic uncertainty, geopolitical tensions and recent liquidation events, Santiment wrote. It added that low volume often signals peak investor fatigue rather than the start of a new bear market.

Many past bullish reversals also began when sentiment and trading activity were deeply subdued, the report said. Markets do not turn bullish when everyone is chasing rising prices. Instead, reversals often emerge when investors grow bored and lose interest in the market.

Santiment also said industry development activity, institutional participation and broader crypto adoption continue even as trading volume has dropped to its lowest level in several quarters.

The market appears to be waiting for its next catalyst, Santiment said. Once sentiment starts to recover, even modest inflows could bring sidelined capital back into the market and trigger a meaningful relief rally.