Total notional volume from last Monday to Friday came in at $1.6 billion, 20% higher than the previous week.

Breaking it down per coin, bitcoin volume came in at $920 million, 65% higher than the previous week. Ether volume came in at $309 million, 26% lower than the week earlier.

Total notional volume over the past 30 days comes in at $6.4 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,553 and average position size for ether at $2,444.

Volatility is showing signs of wanting to bottom out after trending lower for several weeks. We’re looking at average daily ranges in bitcoin and ether of $2,512 and $108 respectively.

The crypto market is opening the week under a little pressure, but also showing notable resilience in the face of elevated geopolitical risk and renewed volatility across traditional markets.

Despite escalating tensions between the US and Iran and a broader risk-off tone at the open, dips have been mild, suggesting that macro concerns are, for now, being balanced by expectations that tensions will ultimately de-escalate.

From a crypto-native perspective, sentiment has absorbed another setback following a sizable $292 million DeFi exploit, the latest in a string of security breaches this month.

While the headline risk is notable, market reaction has been relatively contained, with participants largely viewing the incident as isolated and tied to specific protocol vulnerabilities rather than systemic risk.

As a result, broader confidence in the asset class has remained intact, reinforcing the idea that structural demand continues to underpin price action.

Technically, the landscape has improved meaningfully following last week’s break above key resistance levels in both bitcoin and ETH.

This shift has helped reframe the narrative from bearish consolidation to a more constructive outlook, particularly if prices can reclaim and hold above those breakout zones in the sessions ahead.

Momentum indicators are beginning to align with this view, opening the door for a potential extension higher should macro conditions stabilize.

Flows also paint a supportive picture, with last week seeing broad-based inflows into crypto investment products, signaling renewed institutional engagement.

This comes alongside improving sentiment in traditional markets, where US equities pushed to fresh record highs, reinforcing a more favorable risk environment.

The correlation dynamic suggests that continued strength in equities could help sustain demand for crypto assets, particularly as investors look to reallocate into higher-beta exposures.

Looking ahead, the interplay between macro developments and crypto-specific drivers will remain critical.

While geopolitical risks and energy price shocks could still introduce volatility, the medium-term backdrop appears to be improving, supported by advancing adoption trends and a more constructive regulatory tone.

With crypto having lagged significantly in prior quarters, there is also a growing case for relative catch-up, especially if broader market sentiment continues to stabilize.