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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.

A March report from CCData showed that Binance’s spot market share across top-tier exchanges fell in March for the first time in five months to 57.7% from 62.0% in February. Its derivatives trading volume, however, rose.

Broadly there are much bigger issues afoot that could be a continued risk to Binance. Cryptocurrency users are increasingly spurning corporate-owned exchanges. According to research firm CCData, Binance has lost a quarter of its market share in the past three months, and its centralized, U.S.-based peer Coinbase Global (COIN.O) is losing ground too.

According to CCData, Bitcoin’s volatility has dropped to 48.2% this year from 62.8% last year and from 79% in 2021. The cryptocurrency’s average daily change so far this year has been steady, with gains of 1.68% and losses of 1.93%.