Total notional volume from last Monday through Friday came in at $1.55 billion, 22% lower than a week earlier.

Breaking it down per coin, bitcoin volume came in at $933 million, 17% lower than the previous week. Ether volume came in at $370 million, 34% lower than the week earlier.

Total notional volume over the past 30 days comes in at $8.6 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,388 and average position size for ether at $2,435.

Market volatility has cooled off dramatically in recent weeks. We’re looking at average daily ranges in bitcoin and ether of $2,246 and $116 respectively.

Bitcoin volatility is the lowest since early July, while ETH volatility is trading back down at yearly low levels.

Crypto assets have come under some pressure as the week gets going. The setbacks have been somewhat perplexing as there don’t appear to be any material fundamental catalysts within crypto or traditional financial markets to reconcile the activity.

At the same time, if we’re to take a step back, the reality is that we haven’t really gone anywhere at all, with prices confined to one big choppy consolidation over the past several months.

At the moment, there has been a lot of focus around this week’s Fed policy decision. Market odds for a 50 basis point rate cut have jumped up in recent sessions and now stand at about 50%.

Interestingly enough, while more rate cuts than less have been a major support for risk assets, this time around, there are some reservations with the messages a larger 50 basis point cut might send to the market.

There are many out there who are concerned a larger rate cut would signal a more dire outlook for the US and global economy, which ultimately could weigh heavily on risk assets.

However, we believe there is a strong chance that in the event we do see 50 basis points, investors will have had more time to feel better about things and will once again welcome the accommodation.

Of course, it’s still quite possible the Fed only goes 25 basis points on Wednesday, which makes for an interesting few sessions in the lead up to the event risk.

Otherwise, the market is well aware of seasonality trends that are keeping traders cautious, at least for another two weeks. September is the worst month of performance for both crypto and stocks.

The silver lining here, especially for crypto, is that October and November are the strongest months of the year.