Total notional volume from last Monday to Friday came in at $1.9 billion, up 2% from the prior week.

Breaking it down per coin, bitcoin volume came in at $1 billion, 33% higher than the previous week. Ether volume came in at $469 million, 21% lower than the week earlier.

Total notional volume over the past 30 days comes in at $9 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,512 and average position size for ether at $2,587.

Volatility has leveled out after several weeks of contraction. We’re looking at average daily ranges in bitcoin and ether of $3,331 and $131 respectively.

Crypto markets have come under renewed pressure since Friday, with bitcoin and the broader digital asset space extending a run of declines that began after the initial reaction to the U.S. jobs report. The labor data initially drove volatility across risk assets and prompted a quick repricing of rate expectations across markets.

Attention quickly shifted toward rising geopolitical tensions in the Middle East, particularly surrounding Iran and the potential for broader regional escalation. The resulting move toward defensive positioning across global markets has weighed on high-beta assets, and crypto has not been immune to the pullback.

Bitcoin has once again served as the primary proxy for risk sentiment in the space, slipping alongside ETH and the broader crypto complex as macro uncertainty intensifies into the start of the week. The move lower has largely tracked the broader shift in global risk appetite rather than reflecting crypto-specific catalysts.

Despite the recent weakness, it is worth noting that the broader market backdrop since early February has been characterized by consolidation in crypto prices rather than outright deterioration.

This stands in contrast to traditional risk assets, where equities have begun to show more pronounced downside pressure over the same period. From a relative performance perspective, the ability for crypto to remain broadly stable while stocks soften could be interpreted as a constructive signal.

Sentiment indicators also point to the market approaching levels that historically coincide with late-stage corrections. The Crypto Fear and Greed Index continues to sit in extreme fear territory, reflecting elevated caution among market participants.

Historically, such readings have often preceded the formation of meaningful lows and subsequent trend reversals. While sentiment alone is not a catalyst, these conditions can signal that a significant portion of negative expectations may already be priced in.

Finally, it is important to highlight that structural flows into the asset class remain supportive. Last week saw another round of net inflows into crypto investment products, reinforcing the view that institutional participation continues to build.

As a result, while macro and geopolitical developments are currently dictating near-term price action, the medium-term foundation for the asset class appears to remain constructive. Continued inflows alongside resilient consolidation could help set the stage for renewed upside once broader risk conditions stabilize.