Fiat trading volumes fell for the fifth time in a row at the end of September, according to data dashboard The Block.

Among the crypto exchanges that support fiat, FTX ranked highest in terms of volume in September at 24.6%, followed by Coinbase at 22.7% and Upbit at 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 monthly 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 drop in cryptocurrency trading volume and the broader cryptocurrency recession have prompted many companies to make layoffs in recent months.

In June, cryptocurrency exchange Coinbase laid off 18% of employees, and the following month, Gemini followed suit, reducing its staff by 68 positions.

However, money flowing out of crypto-related funds has slowed down.

A report from Bloomberg indicated that the third quarter of 2022 has seen a slowdown in the flow of money from crypto-related funds.

The report added that the slowdown is a possible sign that many investors may already have withdrawn from the risky asset class.

Data compiled by Bloomberg Intelligence showed that investors withdrew $17.6 million from cryptocurrency exchange-traded funds in the three months ending Sept. 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By September 30, that number had fallen below the record $683.4 million withdrawn from such funds in the second quarter, the data analysis showed.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 last two months have seen the largest number of departures. Investors poured more than $200 million into crypto ETFs in July.

The high degree of outflows in the second quarter was related to the drop in cryptocurrency prices. The world’s largest digital asset based on market value, bitcoinit fell almost 60% during the second quarter of 2022 and hit an all-time low of $17,785 on June 18. However, the cryptocurrency increased by 3.7% in the third quarter.

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