Total notional volume from last Monday to Friday came in at $1.4 billion, down 20% from the prior week.

Breaking it down per coin, bitcoin volume came in at $638 million, 32% lower than the previous week. Ether volume came in at $465 million, 12% lower than the week earlier.

Total notional volume over the past 30 days comes in at $8.4 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,904 and average position size for ether at $2,474.

Volatility has been trending back down in recent sessions. We’re looking at average daily ranges in bitcoin and ether of $2,804 and $116 respectively.

Crypto markets have come under renewed pressure since the Friday close, with bitcoin leading the move lower as the primary proxy, while ether has underperformed and absorbed a greater share of the downside.

The weakness appears largely macro-driven rather than crypto-specific, with thinner weekend liquidity amplifying the extent of the move and masking underlying conviction.

The key catalyst has been the escalation in geopolitical tensions around the Strait of Hormuz, driving a sharp rise in oil prices and reigniting global inflation concerns. This has weighed on broader risk sentiment, with crypto trading in line with other high-beta assets.

In this environment, bitcoin has behaved less like a defensive asset and more like a liquidity-sensitive risk proxy, while ether—given its higher beta—has come under more pronounced selling pressure.

Cross-asset dynamics have further contributed to the move, with a firmer dollar and rising rate expectations reflecting a more cautious global policy backdrop.

Markets are increasingly sensitive to the inflationary implications of energy shocks, which in turn dampens appetite for speculative and duration-sensitive assets. This has reinforced downside pressure across crypto, particularly in higher-risk segments.

Within crypto, there has been little in the way of supportive idiosyncratic drivers, leaving the market exposed to external forces. Participation has been lighter over the weekend, with limited evidence of strong dip-buying interest.

Still, the latest price action should be viewed with some caution. Weekend liquidity conditions tend to exaggerate moves, and both bitcoin and ether remain broadly confined within their recent multi-week ranges.

While near-term risks lean to the downside amid elevated geopolitical uncertainty, a decisive break lower will likely require confirmation from broader macro markets as liquidity and participation normalize.