Total notional volume from last Monday through Friday came in at $2 billion, 17% higher than a week earlier.

Breaking it down per coin, bitcoin volume came in at $1.1 billion, 4% higher than the previous week. Ether volume came in at $478 million, 11% higher than the week earlier.

Total notional volume over the past 30 days comes in at $9.9 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,289 and average position size for ether at $4,663.

Market volatility is finally showing signs of wanting to pick back up after peaking in March. We’re looking at average daily ranges in bitcoin and ether of $2,437 and $138 respectively.

Most of the price action as the new week gets going has been around reaction to the news of President Biden withdrawing from his campaign for reelection.

Biden has since endorsed Vice President Harris, suggesting she will be the candidate to square off against Donald Trump.

This leaves the market trying to figure out how much this changes odds that had favored a crypto friendly Trump, and exactly what the Vice President has to say when it comes to her opinions on crypto.

We had been seeing some positive price action in crypto assets in recent months since Donald Trump stepped up his pro-crypto stance.

If the market thinks Harris has a better chance than Biden and will maintain Biden’s less friendly view around crypto, this could be something that weighs on crypto assets.

If on the other hand the market still believes Trump is the clear favorite, or gets any indication of a more crypto friendly Harris, we would expect to see ongoing demand for crypto assets.

Ultimately however, the overall progress in crypto within the United States has been positive, despite the headwinds. And with that said, we don’t believe a win for the Democrats will do much to slow adoption.

Other key highlights to pay attention to this week include the expectation the ETH ETFs will finally go live, and US economic data late in the week including GDP and core PCE.