Total notional volume from last Monday through Friday came in at $2.7 billion, 25% lower than the week earlier.

Breaking it down per coin, bitcoin volume came in at $1.2 billion, 34% lower than the previous week. Ether volume came in at $642 million, 5% lower than the week earlier.

Total notional volume over the past 30 days comes in at $14.4 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,659 and average position size for ether at $1,646.

Bitcoin volatility has been cooling of recent peak highs. ETH volatility has been notably calmer of late. We’re looking at average daily ranges in bitcoin and ether of $4,381 and $162 respectively.

In recent days, crypto market participants have been feeling better. The bleeding has stopped and the market has been trying to stabilize.

But as much as we believe we should soon see the start to the next big run to the topside, market participants need to consider the possibility for one more drop before we finally bottom out.

There are two major reasons why we worry there could still be a little more weakness ahead. One of the reasons is purely technical and the other more of a blend of techno-fundamental.

As far as the first reason goes, when we look at the bitcoin chart, we’ve been saying the market still has room to drop before finally testing major previous resistance turned support. That level comes in around $74k, a previous record high from March 2024.

At this stage, the correction has found support at around $76,500, which suggests there is still room for another pullback before that bottom plays out.

The second reason is techno-fundamental because it involves the S&P500 chart and the state of the US and global economic outlook. When looking at the S&P500 monthly chart, it would be easy to see why the stock market could still have a ways to go before this correction comes to an end.

And when we consider the state of global trade tension and concerns around a slowdown in the US economy, all at a time when it’s increasingly uncertain how much more accommodation the Fed can offer, there is indeed worry stocks could fall further.

Now we have said time and again that crypto and stocks don’t correlate as much a many might think. So while additional downside pressure could open some more weakness in crypto assets, we also believe the crypto market will be quicker to find a bottom on the attractive value proposition that sets up an opportunity for investors to diversify.

The bottom line right now is that the outlook for crypto assets remains exceptionally bright, but that we shouldn’t rule out the possibility for one more drop before the market starts heading higher again.