Total notional volume from last Monday to Friday came in at $1.2 billion, 9% lower than the previous week.

Breaking it down per coin, bitcoin volume came in at $542 million, 8% lower than the previous week. Ether volume came in at $282 million, 21% lower than the week earlier.

Total notional volume over the past 30 days comes in at $6.3 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,629 and average position size for ether at $2,630.

Volatility remains exceptionally subdued and continues to trend lower. We’re looking at average daily ranges in bitcoin and ether of $2,175 and $88 respectively.

April marked a continuation of the stabilization phase in crypto markets, with price action consolidating after the meaningful shift in tone seen in March. Bitcoin and ETH both held onto their prior gains and, more importantly, maintained positioning above key technical levels, reinforcing the view that a durable bottom may already be in place.

The standout development was bitcoin’s sustained break above the $76k resistance area, a level that had capped rallies for months, suggesting the market may now be transitioning from recovery into the early stages of a bullish structural shift, while ETH’s push through $2,400—though less decisive—has kept the door open for broader participation to follow.

From a cross-asset perspective, April performance was more constructive than widely appreciated. Despite record highs in US equities and a volatile macro backdrop, bitcoin and ETH both kept pace with the Nasdaq while outperforming the S&P500.

This relative strength is particularly notable given how far crypto remains below its 2025 highs and supports the argument that the asset class may be in the early stages of a catch-up phase after a deeply challenging Q4 2025 and Q1 2026.

Macro and geopolitical dynamics have remained central, with a more hawkish Fed tone and escalating Middle East tensions—particularly around the Strait of Hormuz—driving volatility across asset classes.

Yet, crypto’s reaction has been measured. Rather than breaking down, the market has largely absorbed these shocks, reinforcing the idea that much of the macro-driven selling pressure had already been priced in.

At the same time, bitcoin’s evolving role as a perceived store of value continues to gain traction, raising the possibility that crypto may not remain tightly tethered to traditional risk assets in future stress environments.

On the crypto-native side, the ecosystem has continued to mature, even in the face of setbacks. Recent DeFi-related disruptions have not triggered systemic stress, instead highlighting the market’s growing ability to respond and stabilize, while institutional participation remains a key pillar of support.

There is also a growing sense that significant capital remains on the sidelines, with improving market structure, clearer use cases and strengthening technicals potentially acting as catalysts for re-engagement.

Looking ahead to May, the focus shifts to confirmation. Markets will be watching whether bitcoin can firmly establish itself above its breakout zone and whether ETH can deliver a more sustained move through $2,400, which would signal broader market participation.

The macro backdrop—particularly Fed policy expectations, US dollar direction and geopolitical developments—will remain critical, but the balance of risks appears to be shifting. With sentiment having been washed out earlier in the year and early signs of structural improvement now in place, the setup increasingly points toward the potential for crypto to reassert leadership.