• Amid price struggles, on-chain metrics show Bitcoin and Ethereum volumes have dried up.
• BTC volume has fallen from over $40 billion worth of trade to just above $11.4 billion while ETH volume declined from near $20 billion to about $4.6 billion.
• Bitcoin price is hovering near $26,800 while Ethereum price is currently just above $1,820.

The cryptocurrency market continues to battle the negative flip seen in recent months. It’s a scenario that has seen Bitcoin and Ethereum prices unable to reclaim key technical areas following a dearth of momentum in the past few weeks.

New on-chain data confirms these price action struggles via the trading volume for both coins. Altcoin volume has also really “dried up,” the data shows.

BTC and ETH volume dry up as prices struggle

According to on-chain data from Santiment the combined trading volumes of BTC and ETH are currently at their lowest level in over a year. The on-chain analytics platform also notes that the crypto mega caps are seeing the second lowest volume count in nearly four years.

“The largest assets in #crypto are seeing historically low levels of weekly trading volume. #Altcoin volume, in particular, has really dried up. When combining just $BTC & $ETH volume, this is the 2nd lowest threshold we are seeing since September, 2019,” the platform noted.

📉 The largest assets in #crypto are seeing historically low levels of weekly trading volume. #Altcoin volume, in particular, has really dried up. When combining just $BTC & $ETH volume, this is the 2nd lowest threshold we are seeing since September, 2019. https://t.co/1V2tPno7jD pic.twitter.com/tegItbDuen

— Santiment (@santimentfeed) May 22, 2023

Looking at the latest data Santiment shared today, Bitcoin’s 7-day average trading volume has fallen from over $40 billion in February to just over $11.4 billion in May. The decline has come as BTC price fell from its year-to-date highs above $31,000 – the price of bitcoin is currently hovering around $26,800.

As for Ethereum, the proof-of-stake network’s 7-day average trading volume has fallen sharply from nearly $20 billion in April to just over $4.6 billion in May. Like Bitcoin, Ethereum trading volume has dried up over the past month as the hype around the Shapella upgrade died down and prices fell from above $2,100.

ETH/USD currently trades around $1,820, up by about 1.2% in the past 24 hours but in the red over the past 30 days by nearly 3%.

Bitcoin and Ether seeing a decrease in trading volume could be a signal that investors are increasingly cautious as market uncertainty swirls. This outlook is exacerbated by the overall nerves around risky assets as inflation, interest rates and the US debt ceiling contribute to indecisiveness.