Dunamu Inc., the operator of South Korea’s largest cryptocurrency exchange Upbit, posted a first-quarter net profit of 320.5 billion won ($229 million), up 20.8 percent from the same period last year, according to a regulatory filing on Thursday.

However, net profit fell 39.1 percent from the previous quarter, which had seen a surge in Bitcoin activity following the election of President Donald Trump.

The recent decline reflects reduced market activity amid global economic uncertainties, including fears of a new trade war.

Dunamu’s consolidated revenue came to 516.2 billion won in the first quarter, down 2.8 percent year-on-year. Operating profit rose 18.1 percent to 396.3 billion won but declined 34.8 percent quarter-on-quarter.

Reduced investor interest in altcoins, driven by Bitcoin’s dominance in the market, also contributed to decreased trading volume, according to a company official.

Meanwhile, Dunamu announced plans to spin off its unlisted stock trading platform into a new subsidiary.

The spin-off will take effect on July 1, with Dunamu retaining 100 percent ownership of the new entity.

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