Monthly cryptocurrency exchange volumes are predicted to reach their lowest level since October 2020, currently standing at $424 billion in May.
This number is significantly lower than the peaks seen in May 2021 and May 2022, when volumes hit $1.4 trillion and $4.25 trillion respectively, per data from The Block’s dashboard.
The drop in digital asset trading can be attributed to a few factors, such as the decrease in active trading from larger firms, the popularity of decentralized trading platforms, and a decline in volatility.
LMAX noted in a recent newsletter that average daily ranges in bitcoin and ether had reached “cooled off” figures of $818 and $57 respectively.
