LMAX Digital volumes were impressive on Wednesday. Total notional volume for Wednesday came in at $401 million, 34% above 30-day average volume.

Bitcoin volume printed $266 million on Wednesday, 47% above 30-day average volume. Ether volume came in at $84 million, 15% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,695 and average position size for ether at $2,495.

Market volatility has cooled off dramatically after a big jump in early August. We’re looking at average daily ranges in bitcoin and ether of $2,318 and $115 respectively.

The Fed has gone ahead and given investors everything they could have been hoping for after slashing rates by 50-basis points and offering up a balanced outlook. Naturally, such a move has also been supportive of crypto assets.

The Fed’s move towards less restrictive policy should be a positive catalyst for bitcoin as it will invite a lower US Dollar and renewed upside pressure on inflation.

We suspect this new cycle of Fed easing will make investors even more turned on to bitcoin as a diversification asset and attractive store of value, especially at a time when bitcoin has finally made its way into mainstream markets via the new ETF products.

Technically speaking, though the post-Fed upside has been welcome, we haven’t really gone anywhere for many weeks.

We will need to see bitcoin establish a clear break back above $65,000 to suggest we are seeing the start to a bigger move that opens a push to fresh record highs.

But such a move is expected in the current market environment with bitcoin already trading in a massive consolidation within a very strong uptrend.

As a reminder, we’re also inching closer to the end of the worst period of the year for crypto assets. August and September are the toughest months for crypto performance.

The other good news here is that October and November are far and away the strongest months for crypto assets, which sets the stage for another bitcoin record high in Q4.