Also comparing volume is not the only metric. Transacting fiat is fucked so avg trade size in fiat is much lower than for XMR/BTC.

Note that while the volume for XMR is 2.25x, the number of trades in fiat is 3.6x.

The avg trade size for XMR/BTC is 11m sats, while BTC/Fiat avg trade size is 1.37m sats.