Total notional volume from last Monday through Friday came in at $3.7 billion, 90% higher than a week earlier.

Breaking it down per coin, bitcoin volume came in at $2.1 billion, 85% higher than the previous week. Ether volume came in at $1.1 billion, 135% higher than the week earlier.

Total notional volume over the past 30 days comes in at $11.7 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,289 and average position size for ether at $4,663.

Market volatility has been on the rise since bottoming in late June-early July, now back to about halfway between yearly high and low levels. We’re looking at average daily ranges in bitcoin and ether of $3,121 and $185 respectively.

Much like the story with US equities right now, crypto investors are trying to figure out if we’ve bottomed out following last Monday’s panic selloff, or if we’re just seeing a corrective bounce ahead of another bout of weakness.

For the time being, price action over the past few sessions has been more consolidative in nature and a good chunk of the setbacks we’ve seen have come during thinner, less reliable weekend conditions.

Fundamentally, there have been some constructive developments that would support the idea that we have seen the extent of the pullback already.

The most significant development is the ETH ETF weekly inflows turning positive for the first time since launch.

Remember, there was an expectation of outflows in the initial weeks on account of outflows from Grayscale’s less attractive pre-existing product (much like was seen with the bitcoin ETF launches).

But as the tide turns and we see that anticipated selling play out and lighten up, the inflows are turning net positive, which encourages further investment going forward.

As we look at the week ahead, there will still be plenty of focus on developments from the global macro front. We suspect the biggest two areas of potential volatility could come from US economic data and geopolitical risk.

On Tuesday and Wednesday, the market will take in the latest round of US producer prices and consumer prices data. How this data impacts Fed rate pricing will likely have a direct influence over the direction in crypto assets.

It will also be important to keep an eye on the Middle East and any re-escalation in tension around a possible attack on Israel by Iran or one of its proxies.