Total notional volume from last Monday through Friday came in at $1.75 billion, 43% lower than the week earlier.

Breaking it down per coin, bitcoin volume came in at $863 million, 54% lower than the previous week. Ether volume came in at $393 million, 30% lower than the week earlier.

Total notional volume over the past 30 days comes in at $12.3 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,459 and average position size for ether at $1,633.

Volatility is tracking at yearly lows, with bitcoin volatility at its lowest since November 2024 and ETH at its lowest since February 2024. We’re looking at average daily ranges in bitcoin and ether of $2,597 and $84 respectively.

Bitcoin remains confined to a tight trading range, reflecting cautious optimism. But overall, ongoing institutional adoption and a favorable outlook for ETF flows supports the case for a continuation of the uptrend.

ETH has had a harder time in 2025 but is finally showing some signs of wanting to bottom out. The upcoming Pectra upgrade, scheduled for this week, is anticipated to enhance network efficiency and validator operations, potentially acting as a catalyst for further price recovery.

The market is also awaiting more clarity from regulatory hearings, including this week’s House Financial Services Committee session.

One clear positive development comes from the banking world, where Morgan Stanley is reportedly developing a cryptocurrency trading service for its E*Trade platform, with a potential launch in 2026. The initiative involves partnerships with established crypto firms to enable clients to trade major tokens like bitcoin and ETH.

Meanwhile, macroeconomic factors continue to exert significant influence on the crypto market. The U.S. Federal Reserve’s FOMC meeting on May 7 and upcoming CPI data release on May 13 are critical events, as investors anticipate signals on interest rate policies.

Any updates from this front that show a more dovish leaning direction, could inspire increased demand given the broader risk on implication. At the same time, investors are also focused on tariff-driven inflation fears stemming from President Trump’s trade policies which has kept sentiment at bay. China’s ongoing trade talks with the U.S. add further complexity.