Total notional volume from last Monday to Friday reached $1.8 billion, down 31% from the prior week.

Breaking it down per coin, bitcoin volume came in at $1 billion, 32% lower than the previous week. Ether volume came in at $371 million, 35% lower than the week earlier.

Total notional volume over the past 30 days comes in at $12.2 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,776 and average position size for ether at $2,111.

Bitcoin and ETH volatility have been gravitating back towards multi-week range lows. We’re looking at average daily ranges in bitcoin and ether of $3,383 and $173 respectively.

As markets open into Monday, bitcoin remains the primary barometer for broader crypto risk appetite. Price action has been consolidative, following recent volatility and a failure to establish a clear near-term trend.

The market continues to balance structural support from post-halving supply dynamics against tactical pressures from positioning and profit-taking. Sentiment is cautious rather than overtly bearish, leaving bitcoin sensitive to shifts in macro risk conditions.

Ethereum has broadly tracked bitcoin’s moves but has shown pockets of relative resilience. This has been underpinned by longer-term expectations around institutional adoption and improving network fundamentals.

However, ETH has yet to deliver sustained outperformance, as investors await clearer catalysts tied to ETF flows and on-chain activity. For now, ethereum is still viewed as a higher-beta expression of a constructive crypto backdrop rather than a primary driver.

Across the broader crypto complex, liquidity conditions remain central to near-term price behavior. Derivatives positioning has moderated from recent highs, reducing the risk of sharp liquidation-driven moves.

At the same time, lower leverage has also tempered upside momentum, increasing the importance of spot-driven flows. Institutional participation is therefore playing a larger role in shaping incremental price action.

From a macro standpoint, crypto continues to trade in close alignment with traditional risk assets, particularly U.S. equities. Correlations remain elevated, reinforcing bitcoin’s role as a proxy for broader risk sentiment.

Interest rates, real yields, and the U.S. dollar remain key variables for crypto pricing. Expectations around central bank policy continue to influence demand for non-yielding assets like bitcoin.

Looking ahead, markets are likely to remain reactive to macroeconomic data and policy commentary this week. Absent a clear crypto-specific catalyst, price action may remain range-bound but volatile.

Overall, bitcoin and ethereum are expected to trade as high-beta expressions of global risk conditions. Directional conviction is likely to depend more on developments in traditional markets than on crypto-native factors in the near term.