According to The Block, after the US election on November 5th, cryptocurrency daily trading volume surged to $126 billion amid high market enthusiasm and active speculative activities. Currently, it has dropped to $35 billion, a decline of approximately 70% from its peak, returning to pre-election levels. Recent tariff announcements targeting major US trading partners have brought uncertainty, weakening trading enthusiasm in both traditional and cryptocurrency markets. Additionally, trading volume has maintained historical correlation with total market capitalization, with similar trends in recent months. Cryptocurrency total market capitalization peaked at around $3.9 trillion and subsequently fell to the current level of approximately $2.9 trillion, a 25% decline. The shrinking trading volume may signal potential market changes in the coming months. Historically, prolonged trading volume declines often precede 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 engaging more actively. Reduced trading activity and relatively stable market capitalization suggest a possible accumulation phase, with investors focusing more on positioning than active trading. Upcoming regulatory announcements, especially those concerning cryptocurrency classification and regulatory structure, could potentially reignite trading activities.