Crypto Trading Volumes Slide to Two-Year Lows as Market Activity Stalls
Trading in major cryptocurrencies is cooling sharply, with volumes across large non-stablecoin assets falling to their weakest levels since 2024, according to on-chain analytics firm Santiment.
In a June 11 post on X, Santiment said the drop in turnover suggests many traders have stepped to the sidelines. The firm described the backdrop as closer to a capitulation-style lull than the start of a fresh leg lower, noting that similar stretches of weak participation have often preceded relief rallies once sentiment improves.
Santiment cited a mix of macro uncertainty, geopolitical stress and recent liquidations as factors keeping traders from buying or selling aggressively. It added that markets rarely pivot higher when investors are actively chasing prices, and that inflection points tend to form when participants expect little movement and disengage.
CoinGecko data broadly matched the slowdown in flow. Bitcoin's 24-hour trading volume was about $30 billion, down nearly 20% from the prior day. Ethereum slipped a more modest 1.40%. Tron (TRX) and BNB saw volumes fall 4% and 10%, respectively.
Some altcoins bucked the trend. Solana (SOL) posted a 23% jump in 24-hour volume, while Ripple's XRP rose 11%.
Santiment said the current setup—with capital sitting idle despite ongoing development and continued institutional involvement—looks like a market waiting for a catalyst. The firm argued that if confidence starts to return, even a small wave of inflows could be enough to trigger a needed relief rally as sidelined funds move back into the sector.
On-chain indicators have also turned more challenging. CryptoQuant contributor Axel Adler Jr. reported earlier this week that Bitcoin's Realized Cap 30-day change dropped to 1.1%, marking the strongest capital outflow since mid-March. Adler estimated roughly $12 billion has exited the network since a high in May.
Bitcoin's adjusted SOPR, a gauge of whether coins are being sold at a profit or loss, has stayed below 1.0 for 13 consecutive days. That level implies BTC moving on-chain is being sold at an average loss, which Adler linked to weaker holders exiting the market.
