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DappRadar's recent report reveals a staggering 98% drop in Bitcoin Ordinals NFT trading volume since May, plummeting from $452 million to just $3 million.
Transaction numbers also fell by approximately 97% to 20,571 during this period.
While DappRadar acknowledges the decline, they emphasize the need for more time to discern if this is a short-term hiccup or a deeper issue with Bitcoin-based NFTs. 
Kaiko Research’s data highlights reduced engagement in prominent tokens:
“AXS, the governance token of the Axie Infinity ecosystem is down more than 90% since early 2022 and SAND, MANA and GALA tokens have seen a a similar drop in value.”
Analysts point out that monetary incentives were a primary motivator for users, but these platforms faced challenges in maintaining their user base due to diminishing in-game rewards. 
The total loss incurred surpassed $50 million, causing the Total Value Locked (TVL) of the project to drop by over 40% following the news.
CRV price also plummeted by over 20%.
Security analysts at Beosin reported that the attacker specifically targeted Curve’s factory pools associated with several projects, including Alchemix, JPEG’d, MetronomeDAO, deBridge, and Ellipsis. 
In recent weeks, tokens on the Solana blockchain have been showing a consistent downward trend, following a period of growth in late 2023. A notable example is the popular token BONK, which has declined by around 70% since its peak on December 15, 2023. 
This Sunday (August 13) marks the first deadline for the SEC to weigh in on ARK 21Shares' Bitcoin ETF application.
Weekend deadlines are tricky, but some analysts suggest the decision could drop today.
Analyst James Seyffart puts the odds of approval at less than 5%.
Keep an eye out for the next milestone: BlackRock's Bitcoin ETF deadline is September 2. 
CryptoQuant data indicates that there's been a 99% decrease in the number of active addresses, along with a 98% drop in transaction volume.
The majority of airdrop recipients (95% of them) opted to sell their tokens, with a significant 80% getting rid of their tokens entirely. 
Despite the ongoing rally in June, spot trade volumes in Q2 experienced a substantial decline, reaching their lowest level since 2020, according to Kaiko.
Binance saw the most significant drop in trading activity, with volumes plunging by nearly 70%.
Other exchanges such as Coinbase, Kraken, OKX, and Huobi also witnessed a decline of over 50% in trade volumes.