According to The Block, after the November 5 U.S. election, cryptocurrency trading volume surged to $126 billion amid the backdrop of high market enthusiasm and active speculation. It is currently down to $35 billion, down about 70% from the peak, returning to pre-election levels. Recent tariff announcements against major U.S. trading partners have brought uncertainty, weakening trading enthusiasm in traditional and cryptocurrency markets. In addition, trading volume maintains historical correlation with total market value, and the two have been trending similar in recent months. The total market value of cryptocurrencies reached about $3.9 trillion at its peak, then fell back to its current level of about $2.9 trillion, down 25%. A shrinking trading volume may herald a variety of potential changes to the market in the coming months. Historically, long-term declines in trading volume tend to precede significant fluctuations in the market, as the reduction in liquidity may amplify the price impact when large participants begin to reconfigure. Market participants may be waiting for the Trump administration’s comprehensive approach to cryptocurrency regulation to be clearer before participating more actively. The decline in trading activity and relatively stable market value indicate that the accumulation phase may be underway, and investors pay more attention to positioning rather than active trading. The upcoming regulatory announcements, particularly about cryptocurrency classification and regulatory structures, could be a potential catalyst for reigniting trading activities.