Total notional volume from last Monday to Friday came in at $1.4 billion, 24% lower than the previous week.

Breaking it down per coin, bitcoin volume came in at $831 million, 15% lower than the previous week. Ether volume came in at $210 million, 22% lower than the week earlier.

Total notional volume over the past 30 days comes in at $6.78 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,083 and average position size for ether at $1,171.

Volatility is consolidating after the August surge from multi-month lows. We’re looking at average daily ranges in bitcoin and ether of $2,235 and $91 respectively.

The crypto market continues to display exceptional resilience despite having been presented with plenty of reasons to correct. Bitcoin is holding near $80,000 following an aggressive August rally that pushed momentum into overbought territory.

Ether remains supported around the mid-$2,000s. Dips continue to attract demand, suggesting investors increasingly view recent weakness as consolidation rather than the beginning of another sustained decline.

The macro backdrop has become less accommodating. Stronger-than-expected US payrolls have revived the possibility of another Federal Reserve rate hike next week, pushing Treasury yields higher and weighing on other rate-sensitive assets.

Meanwhile, escalating US-Iran tensions and rising oil prices threaten to keep inflation elevated. This increases the importance of Thursday’s PPI and Friday’s CPI reports.

What stands out is that crypto has absorbed these headwinds without suffering meaningful technical damage. The asset class has already experienced a substantial cycle drawdown, and the balance of evidence increasingly supports the possibility that a major low is now in place.

Crypto has repeatedly endured violent setbacks before recovering to fresh records. The declining severity of drawdowns across successive cycles strengthens the argument that the latest correction may have represented the low for this phase.

The longer-term fundamental backdrop also continues to improve. Institutional adoption is broadening, regulated access is expanding and major financial institutions are increasingly integrating Bitcoin, Ether and stablecoins into their product offerings.

At the same time, consumer-facing applications are becoming more intuitive. Users are increasingly able to benefit from crypto infrastructure without needing to understand the complicated technology operating behind the scenes.

Trading conditions may be thin today with US markets closed for Labor Day, leaving the potential for either subdued price action or exaggerated moves on limited liquidity. Bitcoin now faces clear pressure to break the major May high around $82,820.

A sustained Ether advance through the upper $2,000s would bring $3,000 into focus. With Bitcoin still down 9% on the year and Ether still down around 16%, there remains considerable room for further upside if the developing recovery continues.