Total notional volume from last Monday to Friday came in at $2 billion, up 12% from the prior week.

Breaking it down per coin, bitcoin volume came in at $1.2 billion, 21% higher than the previous week. Ether volume came in at $416 million, 3.5% lower than the week earlier.

Total notional volume over the past 30 days comes in at $7 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,336 and average position size for ether at $1,400.

Bitcoin and ETH volatility are showing signs of wanting to bottom out after trending lower for weeks. We’re looking at average daily ranges in bitcoin and ether of $2,298 and $111 respectively.

Crypto markets have come under heavy downside pressure as the new week gets underway, amid a broader deterioration in global risk sentiment.

The move lower has been driven primarily by rising geopolitical and trade tensions, after President Trump proposed new tariffs on eight European countries over Greenland, prompting reports the EU is preparing potential counter-tariffs on up to EUR 93bn of US goods.

The renewed escalation in trade rhetoric has weighed on global equities and risk assets more broadly, spilling over into digital assets.

Bitcoin has slipped sharply from last week’s highs as traders moved to reduce exposure in response to the worsening macro backdrop.

That said, even as bitcoin has felt near-term pressure from the risk-off flow, it is important to remember that there remains a deep pool of structural demand from investors who view bitcoin as a store-of-value asset and actively seek exposure during periods of macro and geopolitical uncertainty.

From a technical perspective, last week’s break above the key $95,000 resistance level remains an important development.

We continue to view the current pullback as corrective in nature rather than the start of a broader trend reversal, with price action consistent with the formation of a higher low ahead of a renewed push toward — and potentially beyond — last week’s peak.

ETH has also been caught in the risk-off move, but overall performance since bottoming in November has remained broadly constructive.

While ETH has yet to convincingly clear the critical $3,500 resistance level, recent price action suggests improving underlying momentum, with dip-buying interest remaining firm ahead of a renewed attempt to break higher.

Looking ahead, crypto price action remains highly sensitive to developments in global politics and macro markets, particularly around trade policy, inflation expectations and central bank outlooks.

For now, the macro backdrop has turned more challenging, but structurally improving technical conditions in bitcoin and ETH suggest the broader constructive outlook remains intact despite the near-term volatility.