Total notional volume from last Monday to Friday came in at $1.84 billion, 154% higher than the previous week.

Breaking it down per coin, bitcoin volume came in at $1 billion, 155% higher than the previous week. Ether volume came in at $267 million, 240% higher than the week earlier.

Total notional volume over the past 30 days comes in at $5.4 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,261 and average position size for ether at $1,408.

Volatility has risen sharply following the market’s breakout from an extended period of subdued trading. We’re looking at average daily ranges in bitcoin and ether of $2,109 and $92 respectively.

Bitcoin’s surge through $67,300 and then $70,000, followed by an extension toward $78,000, provides the clearest evidence yet that a meaningful cycle low is in place. Ether has confirmed the improvement by breaking above $2,000 and $2,470, reaching as high as $2,540 before consolidating.

These moves have materially improved the technical outlook and opened the door toward the next major upside extensions at $83,000 for Bitcoin and $3,500 for ETH.

The rally has been driven by a powerful combination of expanded US Treasury buybacks, falling long-dated yields, dollar weakness, renewed spot-ETF demand and the liquidation of heavily crowded short positions. Treasury’s intervention has been interpreted as a signal that policymakers are prepared to support bond-market liquidity, reviving demand for scarce assets such as Bitcoin and gold.

More than $2.7 billion of bearish crypto positions were reportedly liquidated during the initial surge, adding considerable momentum to the breakout.

Regulatory expectations have provided another important catalyst. President Trump has renewed pressure on Congress to advance the CLARITY Act, while the SEC is pursuing a crypto-specific regulatory framework that draws heavily from the legislation.

This creates two potentially constructive routes forward: durable market-structure legislation through Congress or a faster, crypto-friendly framework delivered through SEC rulemaking.

Perhaps the most impressive development has been crypto’s emerging decoupling from equities. Bitcoin and ETH have continued higher even as Asian shares weakened and US equity futures softened, suggesting digital assets are increasingly capable of attracting capital on their own monetary, regulatory and adoption merits.

That independence was painful when equities were rallying and crypto was stagnant, but it is now working decisively in digital-asset investors’ favor.

From a short-term perspective, the daily charts are stretched and some consolidation after such an explosive advance would be entirely healthy. Geopolitical risks surrounding Iran, elevated oil prices, stubbornly high Treasury yields and this week’s US PCE and Jackson Hole events could still generate volatility.

Nevertheless, setbacks should be exceptionally well supported. Bitcoin and ETH remain substantially lower year to date and far below their previous records, leaving ample room for a recovery that increasingly looks as though it is only getting started.