JPMorgan "Cryptocurrency trading volume plunged 20% in one month… Ethereum's worst month ever"

Trading volume in the cryptocurrency market has plunged 20% in the past month. Total cryptocurrency market capitalization also fell by nearly 17%.

On the 11th (local time), CoinDesk reported that global investment bank JPMorgan said in a report on the 9th, "Due to the broad downturn in the cryptocurrency market last month, cryptocurrency trading volume plunged nearly 20% month-on-month." JPMorgan said, "(In particular) stablecoin trading volume slowed sharply, with average daily volume down 26% from one month earlier," and "DeFi and NFT trading volumes also fell substantially."

Exchange-traded funds (ETFs) also struggled. According to JPMorgan, the U.S. spot Bitcoin (BTC) ETF recorded net outflows of $3.4 billion (about 5 trillion won) last month. Last month, the U.S. spot Ethereum (ETH) ETF's net outflows were $1.4 billion (about 2 trillion won). CoinDesk reported, "(The Ethereum ETF) recorded its worst monthly performance ever."

Last month, total cryptocurrency market capitalization was $3.04 trillion, shrinking about 17% from the previous month. Bitcoin and Ethereum market caps plunged 17% and 22% month-on-month, respectively. Over the same period, the stock prices of all listed cryptocurrency-related companies fell 21%. CoinDesk said, "Cryptocurrencies delivered markedly poor performance compared with traditional stock markets such as the S&P 500, which was flat last month, and the Nasdaq 100, which fell about 2%."