Total notional volume from last Monday to Friday came in at $1.7 billion, 41% higher than the previous week.

Breaking it down per coin, bitcoin volume came in at $1 billion, 80% higher than the previous week. Ether volume came in at $270 million, 15% lower than the week earlier.

Total notional volume over the past 30 days comes in at $6.3 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,321 and average position size for ether at $2,117.

Volatility remains exceptionally subdued but is showing signs of wanting to bottom out after setting multi-month lows.

We’re looking at average daily ranges in bitcoin and ether of $2,041 and $79 respectively.

Right now, it’s especially important to zoom out and focus on the bigger picture.

There’s understandably some nervousness creeping in after the latest bout of weakness, particularly when viewed against the backdrop of what has been a challenging stretch for crypto since the sharp correction in late 2025 and early 2026.

This has been made more frustrating by the divergence with traditional markets, where US equities have pushed to record highs while crypto has lagged and, at times, struggled to participate.

However, we would push back on the idea that recent price action is a signal of something structurally broken.

First, from a technical and cyclical perspective, the crypto market has already made a compelling case for a meaningful base in 2026. The recent pullback looks corrective rather than impulsive—more consistent with consolidation after a base-building phase than the start of a fresh downturn.

Bitcoin’s break above the $76k level was a technically significant development, marking a shift in market structure. That former resistance should now act as solid support, reinforcing the idea that dips are being absorbed rather than accelerating.

Second, what we’re seeing in relative performance is not unusual. Historically, crypto has not always moved in lockstep with equities. In many cycles, equities lead initially, with crypto lagging before eventually rotating into a phase of sharp outperformance.

This lag can actually be constructive—it allows for positioning to reset and for stronger hands to accumulate before the next leg higher.

More importantly, the asset class is maturing. Crypto is increasingly being evaluated on its own merits rather than simply as a high-beta extension of risk assets.

That shift is critical. With growing concerns around sovereign debt sustainability, long-term currency debasement, and the gradual erosion of fiat purchasing power, the structural case for crypto—particularly as a store of value and alternative financial system—remains firmly intact.

In that context, short-term underperformance relative to equities becomes less relevant.

Third, the fundamental backdrop continues to improve. Regulatory clarity is progressing across major jurisdictions, and institutional participation is no longer theoretical—it is ongoing and expanding.

Capital allocators are building exposure methodically, not chasing momentum. This type of flow tends to be stickier and more price-insensitive, which ultimately supports a more durable uptrend over time.

At this stage, the key missing piece is broader market confirmation beyond Bitcoin. While Bitcoin has led with a decisive breakout, Ethereum has yet to follow through in the same way.

We are seeing encouraging signs of basing in ETH, but a sustained break above the $2,400 level is needed to confirm a broader participation shift. That would signal that demand is not confined to Bitcoin alone and would likely unlock a more powerful, market-wide advance.

Given the scale of institutional interest building around Ethereum and its ecosystem, we don’t expect that confirmation to be far off. Once it comes, it should reinforce the view that current valuations across the asset class remain attractive.

Bottom line: while near-term price action has been frustrating, the structural, technical, and macro foundations for crypto remain firmly in place. From our perspective, this is a period of consolidation within an emerging uptrend—not a reason to lose conviction.