Total notional volume from last Monday through Friday came in at $1.6 billion, 21% lower than a week earlier.

Breaking it down per coin, bitcoin volume came in at $1 billion, 11% lower than the previous week. Ether volume came in at $345 million, 35% lower than the week earlier.

Total notional volume over the past 30 days comes in at $8.3 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,922 and average position size for ether at $2,986.

Market volatility is showing signs of wanting to bottom out after trending lower since August. We’re looking at average daily ranges in bitcoin and ether of $1,989 and $97 respectively.

Seasonal trend analysis pointing to a strong October and strong Q4 performance continues to be the focus despite a patchy first couple of weeks of October.

We’re already seeing some early demand as the week gets going, with bitcoin pushing back towards recent resistance up at $66,550. A break back above this level should open the door for a more direct retest of the record high from earlier this year.

Bitcoin and crypto assets overall have actually held up quite well of late when considering a wave of broad based demand for the US Dollar in recent weeks on the back of a repricing of Fed expectations.

We’re also still waiting to see ETH get going in 2024. Remember, ETH has yet to take out its record high from 2021, despite bitcoin already taking out its 2021 record high earlier this year.

Technically speaking, there is some important resistance in the price of ETH up around $2,820. A break above this level would suggest crypto assets are ready for the start to a more significant run.

This has already been a breakthrough year for the asset class given the friendlier regulatory climate, wider adoption, and introduction of the bitcoin and ETH ETFs in the US.

All of this suggests the market should be wanting to push for a big breakout in the weeks ahead and we will be keeping an eye on those already mentioned key levels in bitcoin and ETH for confirmation.