Bitcoin volume printed $252 million, 4% above 30-day average volume. Ether volume came in at $131 million, 38% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,872 and average position size for ether at $3,581.

Bitcoin volatility continues to consolidate off yearly low levels. ETH volatility has been in cool down mode since recently hitting its highest level since December 2021.

We’re looking at average daily ranges in bitcoin and ether of $2,615 and $188 respectively.

Bitcoin continues to lead the move, reinforcing its role as the primary proxy for sentiment. Ethereum has also generated continued institutional demand through ETF channels and a supportive narrative around its utility and yield profile.

We would however caution against expectations for any meaningful moves to the upside in the days ahead.

September has been a weaker month for bitcoin historically, which could result in more two-way price action in the short term ahead of crypto’s best performing quarter of the year.

From the broader macro and geopolitical backdrop, softer U.S. labor market data has reinforced expectations for Fed easing in the months ahead, keeping the dollar under pressure and risk appetite intact.

While geopolitical risks remain in the background, markets have thus far shrugged off tensions and maintained focus on monetary policy as the central driver of sentiment.