Total notional volume from last Monday through Friday came in at $5.5 billion, holding steady with total volume from a week earlier.

Breaking it down per coin, bitcoin volume came in at $2.9 billion, 7% lower than the previous week. Ether volume came in at $783 million, 5% higher than the week earlier.

Total notional volume over the past 30 days comes in at $27.6 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $13,343 and average position size for ether at $2,713.

Market volatility has been trended higher, with bitcoin volatility the highest since 2021. We’re looking at average daily ranges in bitcoin and ether of $4,184 and $224 respectively.

Trading conditions will thin out dramatically from now into year end on account of the holidays. Bitcoin and ETH have performed exceptionally well in 2024, +124% and +44% YTD respectively.

In recent days, we’ve seen a wave of selling, partially on the back of expectations for a correction following bitcoin’s push through $100k, and partially on fallout from the Fed policy decision.

Last week, the Federal Reserve came out with a more hawkish leaning communication after the dot plot revealed less rate cuts in 2025 than what the market was hoping for.

This opened a wave of risk off flow, with crypto assets unable to ignore the reduction in risk appetite.

However, we’ve since seen crypto assets well supported into the dip. Perhaps Friday’s softer US core PCE read has made investors feel a little better about the outlook on rates.

At the same time, crypto assets have plenty to look forward to in 2025 after making their way into the mainstream in 2024.

There are are signs of bitcoin dominance cooling off a bit, which could be a positive for the asset class as it opens demand for investment beyond bitcoin.

The market is waiting for ETH to make a run at retesting its record high from 2021 and the shift in bitcoin dominance could be the catalyst.