The past few months in financial markets have been punctuated by short periods of volatility. In August, crypto prices plunged as traders grappled with shifting macroeconomic conditions around the globe. Despite the intermittent volatility and the typical lower volumes over the summer months, there were some bright spots. Altcoins gained traction towards the end of the quarter as liquidity conditions improved. Meanwhile, BTC ETFs’ trade volumes and inflows remained robust amid market uncertainty and large liquidations.

The past few months have been challenging, with Mt. Gox repayments putting pressure on the market and ETFs losing traction despite ETH ETF approvals. However, there were positive surprises, including filings for two spot SOL ETFs and a positive outlook for crypto in emerging markets like Turkey.