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According to a June 7 report from crypto analytics firm CCData, combined spot and derivatives trading volume in May fell 15.7% from the previous month, marking the second consecutive month of dwindling crypto trading activity.

The withdrawals mark the largest day of outflows into stablecoins from Binance since the US regional banking turmoil earlier this year. According to data from CCData, roughly $451mn of the net flows were turned into stablecoins, a kind of token that lets buyers easily move between crypto markets.

“Stablecoin net flows are a valuable indicator for gauging trader sentiment. The substantial outflows witnessed from Binance yesterday hint at market participants’ preference for holding their assets outside the exchange,” said Hosam Mahmoud, research analyst at data provider CCData.