Total notional volume from last Monday through Friday came in at $2.2 billion, 13% lower than a week earlier.

Breaking it down per coin, bitcoin volume came in at $1 billion, 20% lower than the previous week. Ether volume came in at $932 million, 3% lower than the week earlier.

Total notional volume over the past 30 days comes in at $10 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,663 and average position size for ether at $4,245.

Market volatility continues to trend lower overall since peaking in March. We’re looking at average daily ranges in bitcoin and ether of $1,790 and $131 respectively.

Indeed, crypto assets remain under pressure as we get going in the new week. At the same time, as per our technical insights, the setbacks continue to be classified as corrective declines within a bigger picture bullish consolidation.

Bitcoin is finally approaching a major support area into $60k, which could set up the start to the next big bounce and push back to fresh record highs.

In today’s technical insights, we do however disclose the potential for an even deeper drop in 2024 towards $40k, should bitcoin break down below $60k and trigger a major double top formation.

As far as the drivers behind the weakness go, we believe it comes from a combination of slowdown after so many positive catalysts in early 2024, a lull ahead of the launch of the ETH ETFs, and fundamentals in traditional markets.

The recent Fed decision and Fed communications since, have reflected an outlook that has been far less dovish (less investor friendly) than what the market has been pricing.

This means risk off flow and yield differentials that have been moving in the US Dollar’s favor, which has weighed on crypto assets by extension.

We’ve also seen a wave of bitcoin ETF outflows that haven’t done anything to bolster investor appetite.

But on a positive note, rates markets continue to price up more investor friendly policy going forward despite Fed communications.

And in the world of crypto, we continue to see evidence of adoption from major players in the traditional financial markets that points to a bright future for the asset class.

Most recently, Standard Chartered announced it was setting up a trading desk for bitcoin and ether within its FX trading unit.