Total notional volume from last Monday through Friday came in at $3.2 billion, reflecting a healthy bump from a week earlier.

Breaking it down per coin, bitcoin volume came in at $1.3 billion, 9% lower than the previous week. Ether volume came in at $1.2 billion, 29% higher than the week earlier.

Total notional volume over the past 30 days comes in at $14.7 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,732 and average position size for ether at $3,644.

Bitcoin volatility has sunk to fresh yearly and multi-month lows. ETH volatility has been in intense cool down mode since mid-August when it traded to its highest level since December 2021.

We’re looking at average daily ranges in bitcoin and ether of $2,115 and $166 respectively.

Crypto assets are under pressure as the new week gets going. The market tone has turned cautious, perhaps on the back of renewed outperformance in the price of bitcoin relative to ETH, signaling a flight to quality.

Some profit taking is also likely at play after an impressive September rally—unusual for a month that has historically been one of bitcoin’s weakest.

Technical factors and sentiment have reinforced the move. The U.S. dollar index has strengthened, which typically weighs on crypto assets.

While last week’s Federal Reserve rate cut to 4.00–4.25% was initially supportive for risk assets, Chair Powell’s caution on inflation has tempered expectations for a rapid easing cycle. As a result, traders have been reluctant to extend crypto’s recent rally without fresh macro catalysts.

Macro considerations continue to drive the narrative. Investors are watching upcoming PCE inflation data and a heavy slate of Fed commentary this week, both of which could reprice rate-cut expectations and influence liquidity conditions.

Sustained dollar strength or geopolitical developments—ranging from U.S. regulatory moves to broader global political tensions—could further test crypto’s resilience.

While near-term weakness is possible between now and month-end, the market is also entering what is historically the strongest quarter of the year for crypto.

Seasonally favorable flows and positioning have often set the stage for powerful year-end rallies, and fresh record highs in both bitcoin and ether remain in view if the macro backdrop cooperates.

For now, however, the balance of risks leans toward consolidation or modest downside unless bitcoin can decisively clear overhead resistance.

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