Total notional volume from last Monday through Friday came in at $3.1 billion, 97% higher than the week earlier.

Breaking it down per coin, bitcoin volume came in at $1.9 billion, 147% higher than the previous week. Ether volume came in at $559 million, 68% higher than the week earlier.

Total notional volume over the past 30 days comes in at $13.7 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,316 and average position size for ether at $1,802.

Volatility has calmed down in recent days, tracking at the lower bound of some multi-day ranges. We’re looking at average daily ranges in bitcoin and ether of $2,965 and $100 respectively.

The crypto market has good reason to be feeling encouraged after ETF inflows turned up in a big way last week. Weekly bitcoin inflows recorded their highest print since November, while ETH weekly ETF inflows finally put in a positive reading for the first time since February when ETH was trading around $2,700.

We believe it’s important to see ETH accompanying the recovery in bitcoin as it sends a positive message around the market’s appetite for broader crypto adoption beyond bitcoin into the world of smart contracts, stablecoins and decentralized finance. In fact, Citigroup calls have been getting attention after the banking giant said stablecoins could bring a ‘ChatGPT’ moment to blockchain adoption.

If we look at 30-day performance versus the US Dollar, bitcoin is now at the top of the list, outperforming gold and all other major assets, with the S&P 500 on the other side in the red. This offers yet another important positive takeaway as it shows bitcoin as an uncorrelated asset, and certainly one that is not as correlated with equities as many had thought.

On the macro front, the easing of U.S.-China trade tensions, with tariff exemptions providing relief to global markets, has bolstered crypto’s appeal as well, while the SEC’s new pro-crypto chair, Paul Atkins, signals potential regulatory clarity, further boosting sentiment.

Technically speaking, we highlighted the importance of the $90k level in bitcoin. Now that the market has shown it is comfortable holding back above the level, the stage is set for the next major upside extension towards a retest and break of the record high from earlier this year.