PANews reported on March 30 that according to The Block, after the US election on November 5, cryptocurrency daily trading volume surged to $126 billion against a backdrop of high market enthusiasm and active speculative activities. Currently, it has dropped to $35 billion, a decrease of about 70% from its peak, returning to pre-election levels. Recent tariff announcements targeting major US trading partners have brought uncertainty, weakening trading enthusiasm in traditional and cryptocurrency markets. Additionally, trading volume has maintained historical correlation with total market value, with similar trends in recent months. Cryptocurrency total market value peaked at around $3.9 trillion and subsequently fell to the current level of around $2.9 trillion, a 25% decline.

Shrinking trading volume may signal potential market changes in the coming months. Historically, long-term trading volume decline often precedes significant market fluctuations, as reduced liquidity can amplify price impacts when large participants begin repositioning.

Market participants may be waiting for a more comprehensive approach to cryptocurrency regulation from the Trump administration before more actively engaging. Reduced trading activity and relatively stable market value suggest a potential accumulation phase, with investors focusing more on positioning than active trading. Upcoming regulatory announcements, especially those concerning cryptocurrency classification and regulatory structure, could potentially serve as catalysts to reignite trading activities.