LMAX Digital volumes got off to a healthy start this week. Total notional volume for Monday came in at $345 million, 21% above 30-day average volume.

Bitcoin volume printed $241 million on Monday, 40% above 30-day average volume. Ether volume came in at $73 million, 3% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,990 and average position size for ether at $2,528.

Market volatility continues to trend lower since peaking in August, now tracking at multi-week lows. We’re looking at average daily ranges in bitcoin and ether of $2,101 and $116 respectively.

We got off to a rocky start in September, very much in line with the historical trend, before things turned around in a big way the other week.

As a reminder, September is the worst month for crypto, with bitcoin down nearly 5% on an average return basis from 2013 to 2023.

But as we come into the final days of the month, we’re staring at month-to-date bitcoin performance of 7.25%. Ether has followed along, producing month-to-date returns of 4.90%.

A lot of the move has been driven on positive momentum from the Fed decision in which the central bank slashed rates by 50-basis points.

As highlighted on Monday, the Fed move has been extremely bullish for crypto assets as it has made the US Dollar less attractive, invited upside pressure on inflation (making limited supply deflationary crypto assets more attractive), all while inspiring an uptick in overall investor risk appetite.

We’ve since seen a return of ETF inflows, which has extended to the ETH ETFs as well in recent days. We’ve also seen a continued push higher in the stablecoin market, a positive reflection on demand for the asset class.

Technically speaking, initial resistance for bitcoin comes in at $65,000. We will need to see a clear break of this psychological barrier to open the next wave of upside momentum towards a retest and break of the record high.

October and November are far and away the best months for crypto asset performance, so the market should be looking forward to making the transition into Q4.