Bitcoin and Ethereum are experiencing a decline in trading volume, 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, with altcoin volume also drying up.

Bitcoin's 7-day average trading volume has fallen from over $40 billion in February to just over $11.4 billion in May, while Ethereum's 7-day average trading volume has fallen sharply from nearly $20 billion in April to just over $4.6 billion in May.

This decrease in trading volume could be a signal that investors are becoming increasingly cautious as market uncertainty persists.