The cryptocurrency boom in Italy seems to have entered a downward curve. According to a new quarterly report from the OAM (Organismo Agenti e Mediatori), the number of Italian clients holding cryptocurrency fell to 1.4 million on June 30, 2025, a 20% decrease from the previous quarter. This fall is both numerical and financial. The value of cryptocurrencies held decreased by 22%, ultimately reaching €1.9 billion. Practically, each client maintains an average of €1,413 in digital assets. This figure contrasts with the fast increase that occurred between 2021 and 2023, when Italy was regarded as one of Europe's most vibrant retail markets. Today, however, the indicators are different: demand has decreased, and the phenomenon does not appear to be widespread. The decline could also be attributed to a "natural selection" phenomena, in which infrequent or less structured investors depart while more knowledgeable or devoted client segments stay active. The slowness isn't just for end consumers. On the supply side, Virtual Asset Service Providers (VASPs) are displaying signs of weakness.