At the photon sphere (where photon exhibit circular orbit around a black hole), the radius is given by $r={\frac {3}{2}}r_{\rm {s}}$, and the angular velocity is $({\frac {d\phi }{dt})^{2}=\frac {c^{2}r_{\rm {s}}}{2r^{3}\sin ^{2}\theta}}$, so $\frac {d\phi }{dt}=\frac {c\sqrt{r_{\rm {s}}}}{\sqrt{2r^{3}}}$ for $\theta=2\pi$. The velocity would then be given by $v=r\frac {d\phi }{dt}=\frac {c\sqrt{r_{\rm {s}}}}{\sqrt{2r}}$. Substitute the expression for $r$ gives $v=\frac{c}{\sqrt{3}}$.
My question is: if the photon sphere describes the circular orbit of a photon around a black hole, why is the speed of the orbit given by $v=\frac{c}{\sqrt{3}}$ instead of the speed of light $c$?