Total notional volume from last Monday to Friday came in at $1.3 billion, down 13% from the prior week.

Breaking it down per coin, bitcoin volume came in at $542 million, 15% lower than the previous week. Ether volume came in at $417 million, 10% lower than the week earlier.

Total notional volume over the past 30 days comes in at $7.8 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,624 and average position size for ether at $2,378.

Volatility continues to trend lower and remains subdued. We’re looking at average daily ranges in bitcoin and ether of $2,744 and $108 respectively.

Crypto markets are trading with a cautiously constructive tone into Monday, with bitcoin continuing to consolidate as the primary proxy while holding up relatively well in the face of broader macro headwinds.

Price action has been somewhat muted intraday, though the key takeaway is resilience, particularly as risk assets in traditional markets remain under pressure.

ETH has tracked a similar path, maintaining a bid tone and modestly outperforming on a relative basis, reinforcing the idea of selective demand returning to the asset class.

From a macro standpoint, the dominant driver continues to be the interplay between geopolitical tension and equity market fragility. Ongoing uncertainty around global conflicts and softer sentiment in US equities—particularly in tech—has weighed on overall risk appetite through Q1.

However, crypto’s ability to decouple at the margin over the past month is notable. While traditional assets such as major FX, gold and equities have largely tracked lower, both bitcoin and ETH have managed to stay in positive territory on a relative performance basis, suggesting underlying structural demand.

Positioning and sentiment dynamics are also worth highlighting. Market sentiment across crypto remains subdued, with flows and activity still reflecting caution after the earlier Q1 drawdown.

From a contrarian perspective, this type of depressed sentiment environment often coincides with the formation of medium-term bottoms.

That said, price confirmation is still lacking, and the market will require a decisive break of recent highs—$76k in bitcoin and $2,400 in ETH—to validate a more meaningful bullish reversal scenario.

On the flows side, there has been some stabilization in institutional participation, with ETF-related flows no longer acting as a consistent drag. At the same time, reduced volatility in rates markets has helped ease some of the pressure on high-beta assets, including crypto.

Still, the asset class remains sensitive to shifts in US rate expectations and equity market direction, reinforcing its role as a macro-correlated risk asset despite recent signs of relative strength.

Looking ahead, the focus will remain on whether crypto can build on this relative outperformance into quarter-end. A sustained push through key technical resistance levels would open the door for a broader recovery phase, particularly if supported by a stabilization in global risk sentiment.

Absent that, the market risks remaining range-bound, with macro developments continuing to dictate directional bias in the near term.