July 14, 2022 at 12:59 PM EDT

Cryptocurrency trading volumes have plummeted amid a dreadful first half of the year for the industry.

Spot and derivatives volumes have declined across exchanges, falling more than 15% since May to around $4.2 trillion and reaching the lowest since January of last year. The month of June alone saw spot volumes drop nearly 28% to $1.41 trillion as Bitcoin tumbled, the lowest since December 2020, according to data compiled by CryptoCompare.