Huo Xing Finance reports that on April 7, independent analyst Markus Thielen released a chart analysis showing a significant decline in cryptocurrency spot trading volume, with daily trading volume falling from $41 billion in December 2024 to $26.6 billion in October 2025, and further dropping to just $8 billion over the past 30 days. Spot trading volume is a key indicator of altcoin performance, reflecting market participation and risk appetite. The current contraction in trading activity helps explain the ongoing weakness in altcoins: low trading volumes translate into sluggish price movements and deteriorating market sentiment. Any sustained altcoin rally will require a substantial rebound in trading volume. In the absence of clear catalysts, a broad-based rally is unlikely. Current trading volume is increasingly concentrated among a few assets, with overall market participation remaining low.
Crypto spot volume plummets; broad rally unlikely
MarsBitShare
Summary
Crypto spot trading volume has sharply declined, according to Markus Thielen. The daily average transaction volume dropped to $26.6 billion in October 2025 from $41 billion in December 2024. The 30-day average is now at $8 billion. Low trading volume has negatively impacted altcoin performance, resulting in weak price action and poor sentiment. A rebound in transaction volume is needed for a sustained rally. Current activity is concentrated in just a few assets, with broad market participation still lacking.
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