Some time on or around 12 July 2022, RAC's volume fell off a...

Some time on or around 12 July 2022, RAC's volume fell off a cliff, and it's never recovered. Daily chart below:


The effect is especially noticeable on the weekly chart, which smooths out any high-volume days:


I think at the time there may have been some talk of the buy-back having an effect, however it doesn't line up exactly with the volume reduction. The buy-back was announced on 9 June 2022, was scheduled to start on 23 June 2022, and the first purchase was made on 25 July 2022. Plus, the last buy-back purchase was on 5 October 2022 and as discussed elsewhere the buy-back seems to be well and truly on the back-burner for now.

We've been trading in a range since then (approx $1.80 - $2.50), but we didn't see a similar change in volume during the year (Feb 2021 - Feb 2022) spent trading in the range between $3.00 and $4.00.

I've looked at plenty of other charts (including biotech 'peers') and can't see a similar or coincident effect occurring in those. In fact it's quite rare to see such a sudden, sustained change in volume that isn't coincident with significant price action changes.

I'm interested in what ideas people have about this... What caused this and why? Is it significant in any way?