Total notional volume from last Monday to Friday came in at $1.1 billion, 20% lower than the previous week.

Breaking it down per coin, bitcoin volume came in at $502 million, 40% lower than the previous week. Ether volume came in at $248 million, 18% higher than the week earlier.

Total notional volume over the past 30 days comes in at $7.27 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,558 and average position size for ether at $1,320.

Volatility is consolidating after the August surge from multi-month lows. We’re looking at average daily ranges in bitcoin and ether of $2,082 and $91 respectively.

Crypto assets continue to show impressive resilience despite a difficult global backdrop. Escalating geopolitical tensions, rising oil prices, renewed inflation pressure, higher bond yields and growing expectations for additional US monetary tightening would normally weigh heavily on the asset class.

Instead, Bitcoin remains comfortably in consolidation below the May high, while ETH has broken to its strongest levels since January.

This relative strength reinforces our view that the market may already have established its major cycle low for the year. Bitcoin’s sharp recovery has been followed by a healthy period of consolidation, while ETH’s outperformance suggests demand is broadening beyond the primary crypto proxy.

A break of the May high would be an important signal that Bitcoin is ready to resume its advance and begin challenging more significant resistance.

The structural backdrop is also considerably stronger than in previous cycles. Institutional participation continues to deepen, real-world assets are moving on-chain at a rapid pace, and blockchain infrastructure is becoming increasingly integrated with traditional financial services.

These developments strengthen the argument that crypto can stand on its own fundamentals rather than functioning solely as a leveraged expression of broader risk appetite.

The longer-term monetary case remains equally compelling. Persistent currency debasement, fiscal expansion and growing government debt continue to support demand for digitally scarce assets, particularly Bitcoin.

Ethereum adds a separate value proposition through its role as settlement infrastructure for stablecoins, tokenized assets and decentralized finance, with network activity increasingly feeding into ETH’s underlying economics.

This week’s immediate focus will be on geopolitical developments, the Federal Reserve and the Senate’s procedural vote on the CLARITY Act. Republicans have released revised legislation and recent negotiations have produced encouraging movement around several disputed provisions, although passage remains far from assured.

Expectations are already low, creating an asymmetric setup in which failure may generate limited additional downside, while meaningful legislative progress could unlock a fresh wave of institutional and domestic demand.