Abstract An intense seismic swarm started on 27 January 2025 in the Santorini‐Amorgos region and lasted for approximately 45 days. A widely observed seismic tremor on 14 February 2025 suggested a volcanic origin for the 2025 Santorini crisis. Here we present an in‐depth combined seismological analysis of the earthquakes and tremors that occurred during the crisis. We observe two distinct families of tremor, associated with different generation mechanisms. The first family corresponds to tremor signals composed of densely‐spaced, overlapping earthquakes and exhibits migration patterns similar to those of the swarm. In contrast, the second family is attributed to deeper, lower‐frequency tremor signals, probably involving magmatic fluid dynamics near a mid‐crustal melt reservoir located a few kilometers southeast of Kolumbo volcano. Our results show how, within one volcanic system, magma migrations can lead to different seismic signatures and highlight the need for continuous monitoring of both tremor and earthquake activity.