Total notional volume from last Monday through Friday came in at $2.1 billion, 2% higher than a week earlier.

Breaking it down per coin, bitcoin volume came in at $1.5 billion, 16% higher than the previous week. Ether volume came in at $342 million, 28% lower than the week earlier.

Total notional volume over the past 30 days comes in at $11.7 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,448 and average position size for ether at $2,988.

Market volatility has cooled off dramatically after surging in early August. We’re looking at average daily ranges in bitcoin and ether of $2,576 and $134 respectively.

We’re coming out of an impressive week of performance for crypto assets led by a charge in the price of bitcoin.

In last Thursday’s update, we highlighted a notable pickup in stablecoin demand and a healthy streak of inflows into the bitcoin ETFs.

We also believe macro forces should not be discounted, especially after the Fed Chair’s Friday comments.

Jerome Powell all but confirmed the market’s dovish pricing of rates, which opened the door to more broad based selling of the US Dollar and more demand for US equities.

Of course, as the US Dollar sells off on less favorable yield differentials, crypto assets benefit from the flow as well.

And a well bid stock market also bodes well for crypto assets given that they are viewed by many to be a risk correlated emerging asset class.

Technically speaking, it’s looking more and more like we are in a bullish consolidation ahead of the next big push higher.

This would translate to bitcoin making fresh record highs and ETH breaking out to another yearly high on its way to challenge its own record high from 2021.

Looking ahead, trading conditions could be quite thin this week as many traders look to make the most of their final days of summer vacation.

As far as the US economic calendar goes, we get durable goods later today and some important GDP data and core PCE reads late in the week.