Trading volumes for major U.S. equity ETFs, including the SPDR S&P 500 ETF Trust (SPY), Invesco QQQ Trust (QQQ), and iShares Russell 2000 ETF (IWM), have been declining steadily following a peak last Monday. SPY volume has stabilized at around its long-term average, with five consecutive days of lower volume and three days below the $60 billion threshold previously described as a 'Freak Out' level. Despite a 4% decline in QQQ on April 16, trading volume remained surprisingly low, reaching only 58% of its 30-day average with 38 minutes remaining in the session. This trend of low volume continued ahead of the Easter weekend, with April 17 recording the lowest volume for SPY, QQQ, and IWM in the past 10 days. Market observers note the reduced activity suggests a period of calm with no significant portfolio adjustments underway.