Looking at the quarterly performance of the crypto sectors, both $BTC and $ETH lost traction relative to the previous quarter as the ETF-related led rally faded away and volatility plummeted to a multi-year low.

This was partly driven by seasonal factors as Q3 is historically the lowest volume quarter for BTC.

DeFi tokens were the only sector closing the quarter in positive territory, led by Compound’s $COMP and MakerDAO’s $MKR