Total notional volume from last Monday to Friday came in at just $1.1 billion, down 37% from the prior week, reflecting thin liquidity amid holiday trading conditions.

Breaking it down per coin, bitcoin volume came in at $630 million, 39% lower than the previous week. Ether volume came in at $261 million, 29% lower than the week earlier.

Total notional volume over the past 30 days comes in at $8.3 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,039 and average position size for ether at $2,174.

Bitcoin and ETH volatility have come off substantially over the past several weeks. We’re looking at average daily ranges in bitcoin and ether of $2,744 and $132 respectively.

The relative quiet in crypto stands in contrast to continued strength in traditional markets, where equities and gold have pushed to fresh record highs.

In macro terms, investors remain focused on the prospect of eventual monetary easing, resilient U.S. growth, and ongoing geopolitical uncertainty, all of which have supported risk assets and safe havens alike.

Crypto, by comparison, lacks a near-term catalyst and is also contending with seasonally thin liquidity as year-end approaches, which tends to dampen both upside and downside moves.

Importantly, the absence of headline price momentum in bitcoin and ethereum should not be read as waning interest. Positioning appears stable, funding rates are contained, and there are few signs of forced deleveraging or speculative excess.

From a strategic standpoint, this kind of low-volatility environment often reflects investors waiting for clarity — whether on policy, macro data, or regulatory developments.

There is also a case to be made that crypto’s consolidation while equities and gold rally is constructive. Bitcoin, in particular, has already repriced meaningfully higher this year and may now be absorbing supply as longer-term holders remain patient.

The market’s ability to hold elevated levels despite quiet conditions arguably reinforces the view that the marginal buyer remains intact, even if currently inactive.

Looking ahead, crypto’s calm may prove temporary once liquidity returns and macro narratives reassert themselves in the new year.

Should easing expectations firm or risk appetite broaden further, bitcoin and ethereum could re-engage from a position of relative balance rather than excess. In that sense, the more subdued tone may be laying the groundwork for a more durable into the new year.