In 10 Olympic rowers, a 34% reduction in training volume led to decreases in plasma volume (PV) and blood volume (BV), which were strongly correlated with declines in maximal power output. Changes in total hemoglobin mass (tHb-mass) and hemoglobin concentration (Hb) did not correlate with changes in exercise capacity. These findings suggest that intravascular volume changes, rather than hemoglobin mass, drive fluctuations in maximal exercise performance in elite endurance athletes during periods of reduced training.