The velocity of money (V) depends on P = the general price level, T = the total amount of goods and services produced and M = the total amount of money in circulation, and can be expressed by the formula V = PT/M.
Since the late 90s, the velocity of money has continued to fall and the Covid-19 crisis has exacerbated this trend, reflecting a low level of activity, together with monetary and budgetary support. At the same time, the velocity of money in the financial sphere has trended higher, as reflected by increases in asset prices.
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