Total notional volume from last Monday to Friday reached $2.1 billion, down 45% from the prior week amid the holiday-shortened Thanksgiving period.

Breaking it down per coin, bitcoin volume came in at $1.3 billion, 44% lower than the previous week. Ether volume came in at $468 million, 53% lower than the week earlier.

Total notional volume over the past 30 days comes in at $15.8 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,063 and average position size for ether at $2,492.

Bitcoin and ETH volatility have been in cool down mode since peaking in October. We’re looking at average daily ranges in bitcoin and ether of $3,686 and $180 respectively.

Crypto markets enter Monday on the back foot, with bitcoin and ether sliding further as the broader digital-asset complex struggles to regain footing after a sharp multi-week drawdown.

Sentiment has been hit not only by the October liquidation cascade but also by growing disappointment that bitcoin failed to hold the psychologically important $100,000 level, a breach that has damaged confidence and accelerated profit-taking.

This has compounded frustration among traders who had leaned heavily on seasonal trend analysis pointing to a historically strong Q4, a pattern that has clearly not materialized this year.

Bitcoin continues to serve as the primary barometer of risk appetite, and its inability to maintain key support levels reflects a more challenging macro backdrop.

Expectations for near-term policy easing have been called into question, inflation signals have firmed, and global growth indicators have softened, contributing to a broader risk-off tone across assets.

These macro crosscurrents—combined with weaker U.S. equity futures to start the week—have kept high-beta segments of crypto under pressure, with ETH lagging modestly as leverage resets and activity in staking and L2 ecosystems cools.

Within crypto, the absence of fresh inflows remains a defining feature of the market tone. ETF demand has flattened, treasury-style buyers have slowed, and incremental capital has been scarce.

Positioning has shifted accordingly: funding rates have normalized, open interest has compressed, and the market feels more de-levered but not yet convincingly rebuilt.

This dynamic has left price action reactive rather than proactive, with traders reluctant to add risk until macro volatility stabilizes.

Looking ahead, macro clarity is the key catalyst for a sustained recovery. Investors are watching the trajectory of interest rates, incoming activity and inflation data, and overall liquidity conditions—all central to bitcoin’s behavior as a macro-sensitive asset.

The absence of reliable U.S. economic releases in recent weeks has heightened uncertainty, leaving markets hypersensitive to each new data point.

Even so, several medium-term structural drivers remain underappreciated. The continued shift of economic activity on-chain, improvements in tokenized financial infrastructure, and the evolving link between AI and digital assets could all provide support once the macro environment steadies.

For now, however, crypto begins the week entrenched in an early stabilization phase—less fragile than during the October washout, but still lacking the conviction, inflows, and seasonal tailwinds that many had hoped would define Q4.