Fiat exchange volumes fell for the fifth time in a row as September ended, according to The Block’s Data Dashboard.
Among crypto exchanges that support fiat, FTX ranked highest in terms of volume in September with 24.6%, followed by Coinbase with 22.7 % and Upbit with 13%, the data showed.
While the August exchanges report showed $219 billion in total fiat exchange volume, the September report showed $210.6 billion, and the month-over-month change between the two months was -3.8%.
The months between May and June saw the largest decrease in the last five months with -20%.
The fall in crypto exchange volume and the broader crypto downturn have spurred many firms to execute layoffs in recent months.
In June, 18% of employees were laid off by crypto exchange Coinbase, and in the next month, Gemini did the same and cut its staff by 68 positions.
However, money flowing out of crypto-related funds has slowed.
A report from Bloomberg stated that the third quarter of 2022 has witnessed a slowdown in money flowing out of crypto-related funds.
The report added that the slowdown is a possible sign that many investors might have already withdrawn from the risky asset class.
Data compiled by Bloomberg Intelligence showed that $17.6 million was withdrawn by investors from crypto exchange-traded funds in the three months ending September 30.
By September 30, that number had fallen below the record $683.4 million withdrawn from such funds in the second quarter, the data analysis showed.
According to the report, the past two months had witnessed the most outflows. Upwards of $200 million were poured by investors into crypto ETFs in July.
The high degree of outflows in the second quarter was in relation to plunging cryptocurrency prices. The world’s largest digital asset based on market value, bitcoin, fell nearly 60% during the second quarter of 2022 and posted a record low of $17,785 on June 18. However, the cryptocurrency rose 3.7% in the third quarter.