According to a report by JPMorgan, the total market cap of the crypto market declined by 24% to $2.02 trillion at the end of last month compared to the peak in March. JPMorgan stated that the crypto ecosystem lacks major catalysts in the near-term and expects prices to be more sensitive to macro factors. However, stablecoins were an outlier, with market caps and volumes increasing compared to the previous month. Despite the decline in market cap, trading volumes increased in August, with bitcoin and ether average daily volumes rising more than 10% month-on-month. The report also highlighted that spot ether and bitcoin exchange-traded fund (ETF) flows were disappointing.



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