Bitcoin trading volume among the top ten biggest bitcoin and crypto exchanges has fallen to under $200 million a day, according to bitcoin and crypto data company Messari, down 20-fold from a peak of $4 billion per day just a few months ago.

"Across all crypto venues, volumes are dismal," eToro's senior market analyst Mati Greenspan wrote in a Twitter thread, sparking industry concern.

"This is a giant lull in crypto volumes across the board."