Total notional volume from last Monday to Friday came in at $1.9 billion, up 34% from the prior week.

Breaking it down per coin, bitcoin volume came in at $782 million, 8% higher than the previous week. Ether volume came in at $592 million, 79% higher than the week earlier.

Total notional volume over the past 30 days comes in at $10.9 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,897 and average position size for ether at $2,727.

Volatility is attempting to turn back up after several weeks of contraction. We’re looking at average daily ranges in bitcoin and ether of $3,203 and $132 respectively.

Crypto markets have exhibited notable resilience into Monday, amid the ongoing joint US-Israel military operation targeting the Iranian regime. This relative stability stands in contrast to the sharper volatility seen in traditional markets, where equity futures have tumbled and oil prices have rocketed from fears associated with the military operation.

Several structural advantages appear to underpin crypto’s outperformance. The asset class’s 24/7 liquidity has enabled market participants to digest developments continuously, including over the weekend, facilitating smoother price discovery than is possible in conventional trading hours.

Additionally, after many months of pronounced underperformance versus equities and precious metals, valuations in crypto have become increasingly attractive, drawing medium- and longer-term capital back into the sector.

Bitcoin’s positioning as a scarce store of value has once again proven relevant in this risk-off environment, supported by its immutable supply cap. Ethereum and the broader altcoin complex have benefited in tandem, both from correlated flows and their own deflationary tokenomics, which support long-term supply-demand dynamics and enhance upside participation as Bitcoin stabilizes.

From a geopolitical perspective, the strategic objective of the operation—to dismantle a regime long associated with global terror and instability—has elicited broad international backing, including alignment from key Arab states.

Should the campaign advance decisively toward regime change without protracted conflict, the market should be in good position to price in the potential for a more stable Middle East, which could unlock substantial capital investment and economic reopening across a resource-rich region previously hampered by persistent risk premia.

Overall, the backdrop remains constructive provided the operation continues to show clear progress. In our view, sustained positive developments would reinforce the healthy market structure currently observed and support further relative strength in crypto as traditional risk assets grapple with near-term uncertainty.