LMAX Digital volumes continue to trend higher this week. Total notional volume for Wednesday came in at $740 million, 5% above 30-day average volume.

Bitcoin volume printed $387 million, 9% above 30-day average volume. Ether volume came in at $176 million, 6% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $12,637 and average position size for ether at $3,319.

Bitcoin and ETH volatility have been in cool down mode following the latest surge. We’re looking at average daily ranges in bitcoin and ether of $3,701 and $211 respectively.

Crypto markets are holding up well into modest dips, consolidating after the Federal Reserve’s latest rate cut.

Bitcoin downside has been well-supported and volatility contained. ETH is following a similar pattern, lagging slightly in relative performance but maintaining firm technical footing.

The Fed’s decision to ease policy by 25 basis points—paired with a message of data-dependence rather than a pre-committed cutting path—has kept overall risk appetite stable.

For crypto, that balance between liquidity support and accommodative leaning policy continues to provide a constructive backdrop.

Lower real yields and a softer dollar bias remain modest tailwinds for digital assets, even as traders recognize the need for confirmation from broader markets.

We enter the final two sessions of October with bitcoin modestly lower month-to-date, and attention turning to whether the market can engineer a firm monthly close.

Historically, strong September performance has often been followed by constructive fourth-quarter price action, so holding above key support levels into month-end would reinforce that seasonal narrative.

A close in the green would also help restore short-term momentum and support the idea that the market’s consolidation phase remains healthy rather than corrective.

Across the broader landscape, cross-asset conditions remain benign. Equity futures are steady off record highs, bond yields are easing, and the dollar is consolidating.

Geopolitical noise and incremental chatter around currency diversification continue to lend crypto a quiet bid as an alternative asset class.

For now, bitcoin remains the primary barometer of liquidity and sentiment—firm but waiting for the next macro catalyst to define direction into November.