Another point of concern is the Average Daily Trading Volume (ADTV), which fell in 2025. This year’s ADTV reached R$ 316 million, down from R$ 353 million in 2024. 

The main driver behind this slowdown is the broader economy — more specifically, the still-elevated interest rate environment. According to XP’s Where to Invest 2026 report, released on Monday (Dec. 8), although inflation surprised positively in 2025, Brazil’s Central Bank kept the Selic high for most of the year, reducing the appeal of variable-income assets. This weakened demand from new investors and cooled market liquidity. 

XP notes that the macroeconomic environment still carried residual effects from the monetary tightening cycle initiated years earlier. With fixed-income instruments offering high yields, many potential newcomers postponed shifting into products like FIIs, contributing to the slowdown in investor growth. 

The report also highlights that the combination of high rates and fiscal uncertainty weighed on trading activity. In 2025, the market operated in wait-and-see mode, as investors looked for clearer signals on reforms, public spending trajectory, and the definitive start of the Selic’s easing cycle. This cautious environment directly affected ADTV, which declined after strong momentum in 2024. 

Another factor cited by XP is the pressure on real estate asset prices stemming from the mark-to-market volatility of government bonds, especially NTN-Bs. Elevated rates compressed the book value of many FIIs — creating attractive discounts but also reducing trading volumes in the short term, as both institutional and retail investors opted to wait for monetary conditions to improve. 

Despite these challenges, the report underscores that the outlook is beginning to shift. With inflation under control and expectations of gradual rate cuts in 2026, the market could see a recovery in liquidity and the start of a new valuation cycle. XP describes 2025 as a transitional year: less exuberant and more cautious, yet supported by solid fundamentals that could fuel stronger growth in the coming quarters.