Bitcoin (BTC) and Ethereum (ETH) entered in mid-September as holding patterns.
Analysts emphasize that the current lull appears to be more like integration than fatigue, in the hope that both assets will gather at the end of the year if monetary policy is supportive.
BTC and ETH as volume slides retain range
The BTC traded within the $115,000-116,000 at the time of writing, showing resilience despite a smaller amount than the Federal Reserve policy decisions. The price of the data was $115,449.88, up 0.61% over 24 hours and a market capitalization of $2.29 trillion.
Ethereum took a similar path, dropping 0.33% every day before selling at a price of $4,501.43, bringing its market capitalization to $54.334 billion.
Trading activities and market dynamics
But Volume talked about something else. Bitcoin’s 24-hour sales fell 71.8% to $42 billion, while Ethereum fell 27.4% to $28 billion. Despite the slowdown, the liquidity metric remained intact. The BTC market-cap ratio was 1.86%, while the ETH was 5.22%.
Related: Tom Lee says Bitcoin and Ethereum can see “monster movement” after Fed rate reduction
Short-term price action reflects indecisiveness. Bitcoin recovered to test $115,750 after falling below $115,150, but Ethereum pushed $4,520 for a short time to return to under $4,505. Analysts interpret this chop as a range-bound integration relating to the main support and resistance zones.
Options data show strong expectations for the end of the year
Derivative positioning suggests that traders will see big moves first. Sean Dawson, Dydx’s research director, highlighted the BTC call option, which expired between $140,000 and $200,000 in December. For Ethereum, positioning points to targets ranging from $5,000 to $6,000.
This setup reflects optimism that ETF inflows and monetary easing can make the market even higher. Options traders appear to be willing to win prices at key fourth quarter rally despite the current lull in spot volume.
Focused supply decisions
The direct catalyst sits with the Federal Reserve. The forecast market still allocates odds to travel of 50 bps, but the market is widely positioned for a 25 basis point reduction. Deeper cuts could accelerate crypto inflows as money market funds with $7.5 trillion in assets are eroding yields.
Timothy Misir, BRN’s research director, warned that market vulnerabilities, high leverage and light hedges can amplify volatility if the Fed decides to hit.
Outlook: one side altseason, the other macro tails
While Altcoins is gaining attention as Altcoin season index pushes over 70, Bitcoin and Ethereum remain macro front trees.
Analysts expect Q4 to provide “monster moves” if rates converge with ongoing ETF demand. For traders, that means the upcoming Fed’s announcement could be a trigger that defines Crypto’s path to the end of the year.
Related: Institutional trust will revive as Bitcoin and Ethereum ETFs attract a total of $663 million inflows
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