Total notional volume from last Monday to Friday came in at $1.2 billion, 3% higher than the previous week.

Breaking it down per coin, bitcoin volume came in at $569 million, 5% higher than the previous week. Ether volume came in at $318 million, 13% higher than the week earlier.

Total notional volume over the past 30 days comes in at $6.2 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,215 and average position size for ether at $2,320.

Volatility remains exceptionally subdued and continues to trend lower. We’re looking at average daily ranges in bitcoin and ether of $2,012 and $77 respectively.

Crypto markets have continued to show signs of underlying strength, even as macro conditions have turned more volatile again, with Bitcoin holding up well as the primary driver of sentiment.

Despite renewed geopolitical tensions and a firmer US Dollar weighing on broader risk assets, Bitcoin has largely maintained its recent gains, reinforcing the idea that the market has absorbed a significant amount of negative macro news earlier this year.

This resilience is notable given the sharp drawdowns seen in late 2025 and early 2026, and supports the view that capital is gradually rotating back into the asset class as investors look to re-engage after a prolonged period of weakness.

That rotation theme remains central. Positioning still appears relatively light compared to previous cycles, and with crypto having lagged the recovery seen in equities, there is a growing sense that the asset class offers catch-up potential.

This is being reinforced by a steady improvement in sentiment and flows, particularly as macro headwinds—while still present—are no longer intensifying in the same way they were earlier in the year.

In this context, Bitcoin continues to act as the anchor, holding key technical levels and maintaining a constructive structure that keeps the broader market supported.

The next major confirmation signal, however, lies with Ethereum. While ETH has shown early constructive signs—briefly breaking above the $2,400 level and reclaiming key moving averages—it has yet to deliver a sustained move that would signal broader participation across the market.

From a technical perspective, volatility has been compressing after an extended downtrend, a setup that often precedes a larger directional move. Given the improving tone and positioning backdrop, there is a growing bias that any expansion in volatility could resolve to the upside, particularly if ETH can firmly establish acceptance above resistance and attract incremental flows.

On the fundamental side, the backdrop is gradually becoming more supportive. The easing—albeit uneven—of geopolitical stress has helped stabilize broader risk sentiment, while the Bitcoin narrative continues to regain traction among institutional players, with renewed focus on its role as a store of value and portfolio diversifier.

At the same time, institutional adoption remains a key pillar, with developments such as new product initiatives tied to Ethereum from major asset managers helping to reinforce the long-term demand story and expand use cases within the ecosystem.

Finally, the regulatory outlook is becoming incrementally more constructive, with rising expectations that clearer legislative frameworks—such as progress toward a “Clarity Act”—could be established in the near term.

This is helping to reduce one of the key overhangs that has historically weighed on the space, while also encouraging sidelined capital to consider re-entry.

Taken together, the combination of improving technicals, renewed institutional engagement, and a more supportive regulatory trajectory suggests that the balance of risks in crypto is increasingly shifting to the upside, particularly if Ethereum can deliver the confirmation signal the market is watching for.