On-chain data #数字资产动态追踪 suddenly reveals an interesting signal.

Mainstream coins like DOGE, SOL, and a bunch of altcoins saw their weekly trading volume drop to about half of the same period last year by the end of 2025. This is not an isolated performance of a single coin; Santiment's overall trading activity indicator clearly reflects this trend—structural decline.

Trading volume is the most straightforward indicator. Increased volume usually implies active chip turnover and rising market attention; conversely, declining volume suggests the market is slowing down. Currently, BTC is oscillating within a range, lacking enough volatility to drive movement, and the trading enthusiasm for altcoins has naturally cooled down. Similar situations were seen during the quiet holiday period at the end of last year, but this year's level of "inactivity" is noticeably more severe.

Why is this happening? Several perspectives can explain it: capital flow has become more cautious, with large investors and institutions gradually focusing on highly liquid assets like BTC and ETH; meanwhile, the altcoin ecosystem lacks major events or fundamental positive news that can continuously attract attention, leading participants to more passively wait—waiting for news, waiting for macro trends—rather than actively engaging in the game.

Is this really a bad thing? Not necessarily. Shrinking trading volume might precisely indicate that the market is digesting previous sharp fluctuations and entering a phase of consolidation. Without significant trading volume support, it’s difficult to form a trend breakout. This is why we can understand that the current period is a key window for structural adjustment, rather than simply the beginning of a decline or bear market.

In one sentence: where did the trading volume go? It actually reads the market’s current true "interest" better than price. According to historical cycle patterns, this low activity often is not a sign of a climax but rather appears on the eve of trend reversals.