Total notional volume from last Monday to Friday came in at just $1.1 billion, down 5% from the prior week, reflecting thin liquidity amid holiday trading conditions.

Breaking it down per coin, bitcoin volume came in at $652 million, 3.5% higher than the previous week. Ether volume came in at $197 million, 25% lower than the week earlier.

Total notional volume over the past 30 days comes in at $6.8 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,820 and average position size for ether at $1,992.

Bitcoin and ETH volatility have come off substantially over the past several weeks. We’re looking at average daily ranges in bitcoin and ether of $2,424 and $111 respectively.

The crypto market delivered an undeniably disappointing fourth-quarter performance. This was frustrating not only because bitcoin and ETH had already reached fresh record highs earlier in 2025, but also given the significant progress made on regulation and adoption.

Expectations were further elevated by the strong historical performance typically seen in prior fourth quarters.

That said, the weaker headline performance can also be viewed as a healthy reset. The pullback helped unwind overleveraged positions and clear excess froth, a necessary process that often improves market structure and supports more sustainable upside over time.

As we move into the new year, early signs of stabilization and renewed momentum are starting to emerge. This is visible in both price action and a gradual improvement in sentiment, with optimism building around the outlook for the year ahead.

Looking forward, 2026 is shaping up to be a year of meaningful progress in crypto infrastructure and application development. As real-world use cases become clearer and more mature, demand should begin to recover, refocusing the ecosystem on its core goal of making financial markets more efficient, accessible, and easier to use.

From a technical perspective, some caution is still warranted. Thin liquidity conditions typical of the holiday period mean early-2026 strength should be treated carefully, even though recent price action has been increasingly constructive.

From a levels standpoint, bitcoin reclaiming and holding above $95,000 would be a key technical signal. A sustained move above this area would suggest the broader uptrend is ready to resume, opening the door to a push back toward—and potentially beyond—record highs, while likely reigniting bullish momentum across ETH and the wider crypto market.