According to data provided by The Block, the average daily trading volume on spot crypto exchanges has fallen below $10 billion for the first time since December 2020.
As of December 27, the 7-day smoothed moving average reportedly stood at $8.53 billion.
The fear and greed index, which currently stands at 28 (fear), also indicates the mood of market participants.
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It is worth noting that total trading volume in the NFT markets continued to fall in December. The market is dominated by OpenSea with $240.86 million versus the $253 million recorded in November.
Nansen researchers have previously found that Ethereum-based non-fungible token trading turnover since the beginning of 2022 has climbed to $23.7 billion.