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 ag
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.
Bitcoin spot snapshot $63,334 BTC was up 3.05% over 24 hours while reported 24-hour volume was about $29.9B.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.
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.
Average daily crypto volume, 2025 Q2 $107.8B CoinGecko reported this was down 26.2% quarter over quarter, marking a second straight quarter of shrinking spot activity.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.
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.
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.
Read original article on coinlive.me
