Weekly Trading Volume Drops by 50%

Data compiled by 10x Research shows that average weekly crypto trading volume has fallen by approximately 50%, declining to around $100 billion. Such a significant contraction signals a notable slowdown in market participation and speculative activity.

The weakness is not limited to smaller altcoins. Bitcoin and Ether, the two largest digital assets by market capitalization, are also experiencing substantial volume declines. Current weekly trading activity in Bitcoin sits roughly 47% below its historical average, while Ether’s volume is approximately 58% below its norm. This broad-based reduction suggests that the market’s core liquidity engines are losing momentum.

“Liquidity Is Gradually Leaving the Market”

Analysts at 10x Research interpret the sharp drop in volume as an indication that the recent recovery attempt may be losing steam. In their view, capital is slowly rotating out of the crypto market, reducing the depth needed to sustain strong price advances.

Low-volume environments tend to amplify fragility. Without solid participation, upward price movements can lack conviction and are more vulnerable to abrupt reversals. As a result, the current backdrop calls for increased caution, particularly for short-term traders relying on breakout scenarios.

Additional Weakness in the Ethereum Network

The report also points to declining on-chain activity within the Ethereum ecosystem. Network fees have fallen to 0.04 gwei, placing them within the lowest 4% of historical readings. Such subdued fee levels typically reflect reduced demand for block space and weaker transactional intensity.

Why the Next Two Weeks Matter

10x Research further notes a growing disconnect between macroeconomic developments and crypto market performance. This divergence may increase uncertainty and complicate short-term forecasting.

The coming one to two weeks could prove decisive. If trading volumes fail to recover, the risk of a deeper correction may rise as liquidity conditions remain thin.

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Surge in First-Time Ethereum Users

One of the most notable indicators of this expansion is the rapid increase in Ethereum’s activity retention metric. Over the past 30 days, the number of newly active addresses interacting with the network has nearly doubled, climbing from just over 4 million to approximately 8 million.

Activity retention is a key measure of whether users remain engaged with the network rather than interacting once and leaving. The latest figures indicate that Ethereum’s rising activity levels are being fueled by fresh wallets entering the ecosystem, rather than solely by long-term users increasing their transaction frequency.

This trend suggests growing interest in Ethereum across a broader user base, potentially driven by improved usability, lower fees, and expanding use cases.

Daily Transactions Reach Record Highs

The increase in network participation has been accompanied by a surge in transaction volume. Ethereum’s daily transaction count recently reached a new all-time high of 2.8 million, representing an increase of roughly 125% compared to the same period last year.

In parallel, the number of active addresses has more than doubled year over year. From around 410,000 active accounts twelve months ago, the figure has now surpassed 1 million. These metrics collectively point to a network experiencing sustained and diversified usage growth.

Stablecoins and Layer-2 Scaling Drive Growth

Analysts attribute much of this activity to the rapid expansion of stablecoin usage on Ethereum. At the same time, the network’s scaling strategy has played a critical role. By shifting execution to Layer-2 solutions while maintaining secure settlement on the Layer-1 chain, Ethereum has significantly reduced transaction costs and improved throughput.

This architecture allows the network to handle higher demand without compromising security, reinforcing Ethereum’s position as a scalable financial infrastructure.

Rising Optimism Around Ethereum

The uptick in on-chain activity has contributed to improving sentiment across the Ethereum ecosystem. Staked ETH has climbed to nearly 36 million, while ongoing capital inflows through ETFs and native crypto protocols strengthen the network’s fundamentals.

Combined with recent technical upgrades and growing institutional engagement, these developments suggest Ethereum may be well positioned for continued growth in the near term. Overall, the data reflects a maturing network supported by strong user adoption and expanding real-world usage.

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USD-backed exchanges recorded $229 billion in volume in mid-November, almost reaching the total volume of $237 billion for October. This spike coincided with Bitcoin reaching its all-time high above $90,000, reflecting increased participation in the trading ecosystem.

This surge in volume points to changing market dynamics within the sector.

Dynamics of Volume Increase

The rapid volume increase in just half a month suggests intense trading activity rather than gradual accumulation. Current volumes indicate higher trade density at specific price levels. Persistent high-volume days, especially in Spot ETFs, signal consistent market participation, not isolated surges.

This cycle is marked by a more regulated environment, well-established institutional infrastructure, and a more positive regulatory outlook. The combination of Spot ETF trading and traditional exchange volumes suggests broader market participation, particularly from traditional asset allocators.

The sustainability of these volume levels may depend on continued price discovery. As the market infrastructure matures, higher base trading volumes could become the new norm. The relationship between volume and price volatility may evolve as market participants adapt to new trading models.

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