According to on-chain metrics, the volume of Bitcoin and Ethereum has dried up, dropping from $40 billion to $11.4 billion for BTC and from $20 billion to $4.6 billion for ETH. The current prices of Bitcoin and Ethereum are around $26,800 and $1,820, respectively. The crypto mega caps saw the second-lowest volume count in almost four years, and altcoin volume has also dried up. Weekly trading volume for both Bitcoin and Ethereum is at historically low levels; for example, Bitcoin’s 7-day average trading volume dropped from more than $40 billion in February to just over $11.4 billion in May.
The average trading volume for Ethereum over the past 7 days has dropped significantly, from almost $20 billion in April to just over $4.6 billion in May. This could be a sign that investors are becoming more cautious as market uncertainty increases, which is made worse by people’s general apprehension about risky assets.
