Total crypto market cap was about $2 trillion at the end of last month, the report said.

JPMorgan said the crypto ecosystem lacks major catalysts in the near-term.

Stablecoins were the outlier, as total market cap grew and volumes also increased from the prior month, the bank said.

Total crypto market was $2.02 trillion at the end of last month, a 24% decline from the March peak, JPMorgan (JPM) noted in a research report on Friday, saying it awaits the next catalyst for development and “enhanced retail engagement.”

“Overall, we continue to see the crypto ecosystem lacking major catalysts, and we thus expect crypto token and asset prices to be incrementally more sensitive to macro factors,” analysts led by Kenneth Worthington wrote.

Trading volumes increased in August despite the decline. Total average daily volumes (ADV) rose about 8% with bitcoin (BTC) and ether (ETH) ADVs increasing by more than 10% month-on-month, the report said. The price of bitcoin, the world’s largest cryptocurrency, fell 8.7% last month, CoinDesk Indices data show.

Stablecoins were an outlier, as market caps grew from the previous month and volumes also increased compared with July, the bank noted.

Spot ether and bitcoin exchange-traded fund (ETF) flows were “somewhat uninspiring,” JPMorgan said, adding that many viewed the launch of ETH ETFs as disappointing when compared with the bitcoin versions in January.

Spot bitcoin ETF flows also disappointed. These products saw net outflows of $81 million in August, the report added.

Read more: Ether Spot ETF Flows Have Underwhelmed Versus Bitcoin: JPMorgan