According to The Block, on November 5, following the U.S. elections, the daily trading volume of Crypto Assets soared to $126 billion against the backdrop of heightened market enthusiasm and active speculation. It has currently fallen to $35 billion, a decrease of about 70% compared to its peak, returning to pre-election levels. Recent announcements regarding tariffs on major U.S. trading partners have introduced uncertainty, weakening trading enthusiasm in both traditional and Crypto Assets markets.

In addition, the volume has maintained a historical correlation with the total market capitalization, and the trends of both have been similar in recent months. The total market capitalization of Crypto Assets reached about $3.9 trillion at its peak, and then fell back to the current level of about $2.9 trillion, a decrease of 25%.

A shrink in volume may indicate multiple potential changes in the market over the coming months. Historically, a long-term decline in volume often precedes significant market fluctuations, as a reduction in liquidity can amplify price impacts when large participants begin to reallocate.

Market participants may be waiting for clearer guidelines from the Trump administration regarding encryption regulation before becoming more actively involved. The decrease in trading activity and relatively stable market value suggest that an accumulation phase may be underway, with investors focusing more on positioning rather than active trading. Upcoming regulatory announcements, particularly those concerning the classification and regulatory structure of Crypto Assets, could serve as potential catalysts for reigniting trading activity.