LMAX Digital volumes were mixed as the week got going. Total notional volume for Monday came in at $255 million, 12% below 30-day average volume.

Bitcoin volume printed $101 million on Monday, 43% below 30-day average volume. Ether volume came in at $109 million, 55% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,525 and average position size for ether at $2,456.

Market volatility has cooled off dramatically in recent weeks. We’re looking at average daily ranges in bitcoin and ether of $2,186 and $115 respectively.

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

Price action in crypto markets remains quite choppy. Ultimately, it comes down to a bitcoin market confined to some very tight consolidation, waiting for that next big range break.

Technically speaking, that breakout should be to the topside with the market trading within a clearly defined longer-term uptrend.

Interestingly enough, all of the macro fundamentals are quite supportive despite the recent choppy trade.

Investors are welcoming the prospect of a larger, more investor friendly Fed rate cut at tomorrow’s meeting, and yield differentials have moved out of the US Dollar’s favor as a consequence.

Meanwhile, crypto flows have also been looking up. Crypto flows turned net positive last week, led by over $400 million of inflows into the bitcoin spot ETFs.

And while ETH ETFs continued to see some outflows, there has been a clear decline in the pace of those outflows, with just under $13 million in ETH ETF outflows last week.

We still believe we are in a post ETH ETF adjustment period in which the market has yet to get into a real groove, which means a lot of the outflows we have seen had been well telegraphed given a similar pattern that had been seen post bitcoin ETF launches.

Looking ahead, a lot of the focus will be around positioning into tomorrow’s highly anticipated Fed event risk.