Total notional volume from last Monday to Friday came in at $997 million, 6% higher than the previous week.

Breaking it down per coin, bitcoin volume came in at $576 million, 29% higher than the previous week. Ether volume came in at $155 million, 29% lower than the week earlier.

Total notional volume over the past 30 days comes in at $5 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,467 and average position size for ether at $1,841.

Volatility continues to track at multi-month lows. We’re looking at average daily ranges in bitcoin and ether of $1,620 and $65 respectively.

Crypto markets begin the week on a constructive footing, with bitcoin continuing to act as the primary barometer for broader risk appetite while Ethereum remains the standout from a relative performance perspective.

After enduring an exceptionally difficult stretch from the record highs of late 2025 through the first half of 2026, the asset class has shown a noticeably different character over the past month.

Performance has improved meaningfully relative to traditional markets, and perhaps most encouragingly, there have been several instances in which crypto has attracted demand despite periods of weakness in equities, suggesting investors are becoming more willing to view the asset class on its own merits rather than simply as another high-beta risk trade.

Ethereum continues to be one of the more encouraging stories within digital assets. Historically, sustained periods of ETH outperformance versus bitcoin have tended to coincide with improving sentiment across the broader crypto ecosystem, reflecting demand that extends beyond bitcoin alone.

The ETHBTC ratio is on track for what could be its strongest monthly performance in roughly a year, and if that strength is maintained into month-end it would reinforce the view that we could be on the verge of seeing the start to a much bigger recovery.

Attention also remains firmly on developments in Washington, where the CLARITY Act appears closer than ever to the finish line ahead of Congress’ summer recess.

While passage would undoubtedly represent another positive catalyst by providing greater regulatory certainty and encouraging additional institutional participation, we continue to believe the market has become somewhat too focused on the legislation as a make-or-break event.

The broader institutional adoption story is already well underway, major financial institutions continue building digital asset infrastructure, tokenization initiatives are accelerating, and regulatory clarity has been improving through multiple channels beyond a single piece of legislation.

Even if the bill is ultimately delayed until September, it would represent a postponement rather than a derailment of the longer-term investment case, leaving the structural outlook for digital assets intact.

From a broader macro perspective, crypto continues to balance its own improving fundamentals against traditional market crosscurrents. Investors remain attentive to global monetary policy expectations, US Treasury yields, geopolitical developments, and overall risk sentiment, all of which continue to influence liquidity conditions.

Even so, the recent resilience of crypto during periods of volatility in traditional markets is an encouraging development and supports the argument that digital assets are beginning to decouple, at least at the margin, from conventional risk assets.

From a technical perspective, the next major levels remain well defined. A sustained move above $2,000 in ETH would carry important psychological significance and reinforce the view that Ethereum is ready to lead the next phase of the recovery.

Meanwhile, bitcoin continues to eye the $67,300 area, with a break above that level arguably even more important. Such a move would mark an end to the multi-week consolidation that has followed the June lows and could provide the confirmation many longer-term investors have been waiting for that the next major bullish phase for crypto assets is beginning.