Crypto trading on centralized exchanges declined by 12% to $2.36 trillion. This is the lowest volume recorded since the beginning of the year, indicating a significant downturn in trading activity, according to CCData.

A breakdown of these trading activities showed that spot trading volume fell 10.5% to $515 billion —the second-lowest since March 2019. On the other hand, derivatives volume fell 12.7% to $1.85 trillion, which is the second-lowest volume since December 2020.

The crypto research firm attributed the diminished volume to the lack of price action volatility in significant crypto assets, including Bitcoin (BTC) and Ethereum (ETH), which traditionally drive trading volumes. CryptoSlate Insight reported that BTC’s price movement in July was “closely confined” as the flagship digital asset had “virtually no change in its price” on some days.

A new report by the Network Contagion Research Institute (NCRI) suggests that social media activity, especially from inauthentic accounts, may have significantly amplified the value of certain cryptocurrencies listed on the now-defunct FTX exchange.