The altcoin market has experienced a notable downturn in trading volume over recent periods. According to data from CryptoQuant, the current volume stands at approximately $26.5 billion, down significantly from peaks of over $100 billion.
This decline is also reflected in Binance's processing volume, which now accounts for nearly 40% of the remaining activity. This is a notable increase compared to previous periods, where Binance held a lower share amidst higher overall participation.
As trading volumes have fallen across all venues, engagement and risk appetite have weakened. However, this may also indicate that capital is repositioning rather than completely exiting the market.