Total notional volume from last Monday to Friday came in at $943 million, 3% lower than the previous week.

Breaking it down per coin, bitcoin volume came in at $446 million, 11% lower than the previous week. Ether volume came in at $218 million, 2% lower than the week earlier.

Total notional volume over the past 30 days comes in at $7.8 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,931 and average position size for ether at $1,939.

Volatility continues to track at multi-month lows. We’re looking at average daily ranges in bitcoin and ether of $1,758 and $69 respectively.

Crypto markets are starting the week on a relatively quiet footing, with price action continuing to take its cues from the broader macro backdrop rather than crypto-specific catalysts.

Investors are balancing easing concerns around inflation against persistent geopolitical uncertainty in the Middle East, while a modest improvement in global risk sentiment, reflected in firmer US equity futures and softer oil prices on Monday, is helping support digital assets after last week’s volatility.

From a technical perspective, the market remains constructive. Bitcoin has already cleared several important resistance levels over recent weeks, reinforcing the view that a meaningful cycle low may now be in place.

The next key hurdle remains $67,300, with a sustained break above that level likely to strengthen bullish momentum and open the door to a more aggressive recovery. Until then, the market continues to consolidate recent gains while awaiting fresh catalysts.

Ethereum also continues to underpin the broader crypto complex. Its move back above the important $1,850 resistance area marked a significant improvement in market structure, shifting sentiment decisively more constructive.

That breakout leaves the path looking increasingly favorable for an extension back above $2,000, with the $2,200 region emerging as the next meaningful upside objective if risk appetite continues to improve.

Away from price action, the regulatory backdrop remains supportive. Over the weekend, the US and UK announced a joint roadmap aimed at aligning approaches to tokenization and digital asset regulation, underscoring growing cooperation between two of the world’s largest financial centers.

While the initiative is unlikely to have an immediate market impact, it reinforces the longer-term institutionalization of digital assets and the continued development of tokenized financial markets.

For now, macro remains firmly in the driver’s seat. Geopolitical developments surrounding the US-Iran conflict, movements in oil prices, expectations for Federal Reserve policy and the direction of US equities are likely to remain the primary short-term catalysts.

With technicals continuing to improve and institutional adoption trends remaining intact, the broader outlook appears increasingly constructive, even if markets may require another catalyst before the next leg higher begins.