Cryptocurrency spot trading volume has experienced a sharp decline, according to independent analyst Markus Thielen. Daily trading volume has fallen from $41 billion in December 2024 to $26.6 billion in October 2025, and further to just $8 billion over the past 30 days. This significant drop in trading activity is a key factor in the ongoing weakness of altcoins, as it reflects reduced market participation and risk appetite. The contraction in trading volume has led to lackluster price movements and deteriorating market sentiment for altcoins. Without a substantial rebound in trading volume, a broad-based altcoin rally remains unlikely. Currently, trading activity is concentrated among a few assets, with overall market participation remaining low.