Binance’s Bitcoin futures product is the only winner in a lackluster market this week as trading volume hits local lows.

Analysis of various platforms’ trading volumes by exchange eToro’s senior market strategist Mati Greenspan on Oct. 15 revealed cryptocurrency markets had all but bottomed out in terms of activity.

From a peak of around $4 billion per day several months ago, Bitcoin (BTC) now sees less than $200 million change hands, he said referencing data from research outlet Messari.

Other players told a similar story, including derivatives giant BitMEX and P2P exchange Localbitcoins.

Futures providers likewise have not escaped; both CME Group and newly-launched Bakkt continue to see what Greenspan describes as “very low” activity.

The downtrend follows fresh losses across crypto assets in recent weeks. Bitcoin remains down around 20% versus levels several weeks ago.

Despite the difficult conditions, not every business appears equally affected. As analyst Skew Markets noted on Twitter, Binance’s futures product in fact set a new daily trading volume record on Tuesday.

More than $700 million of activity occurred on its BTC/USD futures product, making it the third most traded behind Huobi and BitMEX’s offerings. By comparison, Bakkt managed 10 BTC ($81,000).

Skew previously noted last Saturday was a particularly slow day for BitMEX — its volumes dipping to $1 billion versus $14 billion highs in late June.

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