Total notional volume from last Monday through Friday came in at $3.6 billion, cooling off from a week earlier.

Breaking it down per coin, bitcoin volume came in at $1.7 billion, 17% higher than the previous week. Ether volume came in at $1.1 billion, 29% lower than the week earlier.

Total notional volume over the past 30 days comes in at $16.3 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $13,181 and average position size for ether at $3,555.

Bitcoin volatility is attempting to bottom out off the lowest levels of the year. ETH volatility is also looking to stabilize after a period of cool down off multi-month highs.

We’re looking at average daily ranges in bitcoin and ether of $2,595 and $162 respectively.

Bitcoin extended its rally over the weekend, pushing to new record highs above $125K before paring gains slightly. The move has been underpinned by strong inflows into U.S. spot ETFs and a growing perception of bitcoin as a hedge against political and fiscal uncertainty.

With the specter of a U.S. government shutdown still in focus, investors are increasingly treating bitcoin as “digital gold,” benefiting from a rotation away from traditional safe havens.

ETH has largely followed in bitcoin’s slipstream, trading around $4,500 after briefly touching higher levels. While it has benefited from the same liquidity dynamics driving bitcoin, ETH’s relative performance remains tied to expectations for activity in decentralized finance and the broader smart contract ecosystem.

For now, correlation to bitcoin remains strong, but investors are mindful of the potential for divergence if macro drivers fade.

The broader backdrop in traditional markets has been supportive. Growing conviction that the Federal Reserve could move to cut rates as soon as October has fueled flows into risk assets, particularly those with high sensitivity to liquidity such as crypto.

Political tensions in Washington have added another tailwind, as traders hedge against U.S. fiscal dysfunction by shifting part of their allocation into digital assets.

At the same time, regulatory currents continue to shape sentiment. In Europe, ESMA has signaled greater oversight of exchanges and clearing activity, raising questions about future compliance costs.

In the U.S., institutional adoption through ETFs and treasury allocations has deepened crypto’s integration with traditional finance, which provides durability to inflows but also heightens vulnerability to sudden policy shifts.

Looking ahead, the key risks include disappointment on the Fed policy path, escalation of political standoffs in the U.S., and new regulatory pressures from Europe or Washington. Near term, traders are watching whether bitcoin can consolidate above the $120K level and whether ether can sustain momentum.

Technically speaking, bitcoin’s latest breakout opens the door for a push through $140k in the days ahead, which should also translate to fresh record highs in the price of ETH.