Total notional volume from last Monday through Friday came in at $2 billion, 46% lower than a week earlier.

Breaking it down per coin, bitcoin volume came in at $1.3 billion, 40% lower than the previous week. Ether volume came in at $476 million, 56% lower 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 $8,179 and average position size for ether at $3,290.

Market volatility has cooled off after an impressive run higher in early August. We’re looking at average daily ranges in bitcoin and ether of $2,838 and $156 respectively.

We’re coming out of an interesting week of price action for crypto assets. There were many upbeat headlines, all while traditional risk assets were in demand.

Nevertheless, we didn’t get the positive price action one would expect considering all of this.

Instead, crypto assets lagged, more comfortable trading within tight consolidation rather than joining in on the rally party.

Interestingly enough, we heard Goldman Sachs and Morgan Stanley disclose bitcoin ETF exposure, we learned of more plans for crypto integrations from the likes of Mastercard and Apple, and we got news of the Harris campaign making more of an effort to move into a more crypto friendly direction.

We believe a lot of this recent underperformance could be partly about thin summer trading conditions and partly about adjustments around ETF flows in the aftermath of the ETH ETF launches.

Yield differentials have also shifted out of the US Dollar’s favor in recent sessions, yet another reason to expect crypto assets to be better bid.

Looking ahead, the calendar is rather thin as the week gets going, which will leave the focus on bigger picture themes and flows.

Technically speaking, despite the recent underperformance, bitcoin and ETH are both in recovery mode off of the Monday crash lows from the other week.

Look for a bitcoin break back above the August high at $62,760 to strengthen the outlook and open the door for the next big upside extension. Setbacks should be well supported ahead of $54,000.