Last month, spot trading volumes on centralized exchanges fell by 10.5% to $515 billion, the second lowest level since March 2019, while derivatives volumes fell 12.7% to $1.85 trillion, the second-lowest recorded since December 2020. Combined trading volumes dropped 12% to $2.36 trillion. The slump in trading volumes is largely due to the tepid volatility in the price movements of leading crypto assets. Bitcoin and Ethereum, two significant market leaders, have been trading in a tight range throughout July, deterring active trading participation.