Total notional volume from last Monday to Friday came in at $2.4 billion, 108% higher than the previous week.

Breaking it down per coin, bitcoin volume came in at $1.4 billion, 118% higher than the previous week. Ether volume came in at $352 million, 109% higher than the week earlier.

Total notional volume over the past 30 days comes in at $7.6 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,889 and average position size for ether at $1,384.

Volatility has turned up substantially off multi-month lows. We’re looking at average daily ranges in bitcoin and ether of $2,491 and $96 respectively.

The crypto market continues to navigate the late stages of what has been a difficult and prolonged correction cycle. Over the past nine months, digital assets have faced pressure from multiple directions, including the natural unwinding phase of the post-halving cycle, heightened geopolitical uncertainty, a wave of profit-taking following the spot ETF launches, and periodic setbacks stemming from security breaches and DeFi-related exploits.

At the same time, crypto has struggled with an unusual divergence from traditional markets, with US equities pushing to record highs while digital assets have remained under pressure. This has added to investor frustration and reinforced concerns that capital has been finding more attractive opportunities elsewhere.

Yet viewed through a historical lens, the recent drawdown remains well within the range of previous cycle corrections. Bitcoin has already experienced a decline of more than 50% from its 2025 peak, while Ethereum has traded as much as 70% below its cycle high.

These moves are severe, but not unprecedented for the asset class. Importantly, crypto market volatility has gradually moderated over time as institutional participation has increased and market infrastructure has matured, supporting the view that the market may be entering the latter stages of the correction process.

The recent washout has also delivered a healthy reset beneath the surface. Much of the speculative excess that built up during the latter stages of the bull market has now been removed, while weaker projects lacking clear value propositions have struggled to retain investor attention.

As a result, the focus is increasingly shifting back toward network adoption, protocol development, tokenization, staking, and real-world utility. This environment tends to favor longer-term investors and higher-quality projects, leaving the market in stronger condition for the next phase of growth.

From a capital flows perspective, crypto has also had to compete with one of the most powerful investment themes in modern market history. Record enthusiasm around artificial intelligence, combined with growing anticipation for a wave of large-scale AI-related IPOs, has attracted significant institutional capital that might otherwise have found its way into digital assets.

At the same time, the continued strength in traditional equity markets has reduced the urgency for many investors to seek alternative sources of return. However, this divergence may ultimately create an opportunity, with crypto potentially positioned to outperform if capital begins rotating away from crowded equity trades.

Looking ahead, the balance of macro risks appears to be gradually shifting in crypto’s favor. Markets have spent months pricing elevated geopolitical risk, higher energy prices, and a more hawkish Federal Reserve outlook.

While these remain important headwinds, expectations have become increasingly pessimistic, lowering the hurdle for positive surprises. Any easing in geopolitical tensions, stabilization in oil prices, moderation in inflation pressures, or shift away from aggressive Fed pricing could provide meaningful support for risk assets, leaving crypto markets increasingly well positioned if the broader macro backdrop becomes even modestly more constructive.