Trading volumes on centralized cryptocurrency exchanges in May fell to the lowest level since October 2020 at around $424 billion.
By way of comparison, a year earlier this value stood at $1.4 trillion, and two years ago at $4.25 trillion.
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This trend is due to the exit of large market makers from the market and the redirection of investors to decentralized exchanges. To this must be added the reduction in the range of price fluctuations.
According to LMAX analysts:
"Volatility has been trending lower in correction mode after peaking out at a yearly high in March," the exchange said. "We’re looking at average daily ranges in bitcoin and ether of $818 and $57 respectively."