Total notional volume from last Monday to Friday came in at $1.2 billion, 21% lower than the previous week.

Breaking it down per coin, bitcoin volume came in at $584 million, 23% lower than the previous week. Ether volume came in at $232 million, 28% lower than the week earlier.

Total notional volume over the past 30 days comes in at $7.6 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,226 and average position size for ether at $1,022.

Volatility is showing signs of wanting to bottom out off multi-month lows. We’re looking at average daily ranges in bitcoin and ether of $2,060 and $76 respectively.

Crypto markets are starting the new week on a firmer footing, showing further signs of stabilization after enduring a prolonged period of downside pressure since the record highs of late 2025.

While the asset class has faced no shortage of headwinds, including the arrival of a more hawkish Fed Chair, concerns around Strategy-related financing dynamics, and broader risk aversion tied to geopolitical uncertainty, there is growing evidence that much of this bad news has already been absorbed by the market.

The improvement in the geopolitical backdrop is helping sentiment at the margin.

As tensions around the Middle East ease and traditional markets become more comfortable allocating risk beyond the safety of large-cap equities, crypto is beginning to benefit from a modest return of risk appetite. Importantly, the absence of fresh negative catalysts is allowing investors to refocus on underlying fundamentals rather than headline-driven fears.

Stepping back, the broader picture remains remarkably consistent with previous four-year crypto market cycles.

This was always the phase of the cycle where a meaningful correction was expected, and the magnitude of the drawdown has been significant, with Bitcoin falling more than 50% from its peak and Ethereum correcting by roughly 70%. Historically, these periods have marked the transition from capitulation toward accumulation, and the current setup is increasingly exhibiting those characteristics.

At the same time, the long-term fundamental backdrop remains highly constructive.

Institutional adoption continues to advance, Bitcoin ETF ownership remains firmly entrenched, Ethereum network participation is holding near record levels, and regulatory clarity is gradually improving across major jurisdictions. Meanwhile, the transfer of supply from weaker hands to longer-term investors appears to be progressing, helping establish the foundation for the next phase of the cycle.

From a technical perspective, the recovery remains modest but encouraging.

The key levels to watch are Bitcoin at $67,300 and Ethereum at $1,850. A sustained break back above these thresholds would reinforce the view that a more meaningful recovery is underway and could trigger an acceleration in momentum. With the market approaching the second half of the year and sentiment already deeply reset, the timing is increasingly aligning for a broader resurgence in crypto appetite.