Total notional volume from last Monday to Friday came in at $1.78 billion, down just 1.7% from the prior week.

Breaking it down per coin, bitcoin volume came in at $876 million, 12.5% lower than the previous week. Ether volume came in at $445 million, 20% higher than the week earlier.

Total notional volume over the past 30 days comes in at $9 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,151 and average position size for ether at $1,727.

Volatility is starting to inflect higher after weeks of steady decline. We’re looking at average daily ranges in bitcoin and ether of $3,201 and $167 respectively.

January proved another frustrating month for crypto (BTC -10%, ETH -17%), with prices continuing to grind lower and, notably, decoupling from what would normally be supportive cross-asset signals as global equities pushed to record highs and metals surged in parabolic fashion.

Sentiment remained heavy, with markets still nursing a hangover from a disappointing Q4 that failed to live up to historical seasonality—exacerbated by the October 10 liquidation event—especially after such a landmark year for adoption, ETFs, and broader institutional acceptance. 

Liquidity conditions also stayed restrictive, and as the month drew to a close, fresh pressure emerged from speculation around a more hawkish Fed chair appointment—reviving fears of dollar strength and risk-off flows, both headwinds for crypto.

Forced deleveraging and outflows added to the downside momentum. That said, sharp pullbacks are nothing new in this asset class and have historically failed to derail the bigger picture, which still points higher over time.

Looking ahead, the fundamental backdrop remains highly encouraging: structural adoption continues to deepen, infrastructure keeps improving, and long-term demand drivers are firmly intact.

From a technical perspective, the recent drawdown is bringing price closer to attractive levels, with strong support clustered toward the $70k area, where we expect medium- and longer-term participants to become increasingly active, setting the stage for eventual stabilization and recovery.

Finally, we always like to assess where the balance of risks lies, and with so much bearishness now priced in—including the latest Fed-related concerns—the risk skew is increasingly shifting back toward the upside.