Total notional volume from last Monday through Friday came in at $2.5 billion, 17% higher than a week earlier.

Breaking it down per coin, bitcoin volume came in at $1.2 billion, 24% higher than the previous week. Ether volume came in at $1 billion, 9% higher than the week earlier.

Total notional volume over the past 30 days comes in at $11 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,293 and average position size for ether at $5,023.

Market volatility continues to trend lower overall since peaking in March. We’re looking at average daily ranges in bitcoin and ether of $1,898 and $119 respectively.

June was a challenging month for crypto assets. Both bitcoin and ether were down a nice amount on the month, to the tune of about 10%. At the same time, the setbacks need to be taken in context.

After all, when looking at year-to-date performance, we get an entirely different picture. Year-to-date, bitcoin is up 48% and ether is up an even more impressive 53%.

We believe the price action is therefore nothing more than some corrective price action within a bigger picture bullish structure.

Fundamentally speaking, we would attribute the June performance to a period of lull after the explosive start to 2024 on the back of the bitcoin ETF approvals and the bitcoin halving event. The market has fully digested this risk and is now waiting for the next big bullish catalyst.

As far as what that catalyst might be, we believe it could come from the ETH ETFs going live in July. This event will likely invite a fresh wave of demand for crypto assets as traditional market participants look to take on added exposure.

We also believe crypto assets are well positioned to mount another big push to the topside after already seeing a very healthy correction in recent weeks.

Back in 2021, bitcoin pushed to a fresh record high, which was then followed up in the same year by a record high in the price of ether. In 2024, we’ve already seen bitcoin push to another fresh record high.

And yet, ether has yet to make its own record high and sits about 30% off the record high, leaving plenty of room for an impressive run in the second half of 2024.

Historically speaking, odds for a recovery in July are looking good. From 2013 to present, bitcoin has averaged gains of +7.42% in July.

Perhaps more importantly, the four July months where there was a negative return, were followed up each and every time with a healthy July performance the following year. In July 2023, bitcoin closed down 4.02%.