Total notional volume from last Monday to Friday came in at $1.1 billion, 70% lower than the previous week, on account of the thin holiday week of trade.

Breaking it down per coin, bitcoin volume came in at $643 million, 79% lower than the previous week. Ether volume came in at $189 million, 36% lower than the week earlier.

Total notional volume over the past 30 days comes in at $10.1 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,997 and average position size for ether at $1,282.

Volatility continues to consolidate off multi-month lows. We’re looking at average daily ranges in bitcoin and ether of $2,105 and $78 respectively.

The crypto market begins the new week on firmer footing, with price action continuing to reinforce the view that a more meaningful bottoming process may be underway.

Perhaps the most encouraging development is Ethereum’s renewed leadership, a dynamic that typically reflects improving risk appetite extending beyond the relative safety of the largest digital asset.

Just as importantly, both Bitcoin and Ethereum have outperformed traditional assets over the past month, marking a notable shift after an extended period in which crypto consistently lagged broader financial markets.

The improvement has come alongside a healthier technical backdrop. Ethereum continues to carve out what appears to be a major basing pattern, with the $1,850 neckline remaining the key level to watch.

A sustained weekly close above that resistance would confirm a large double-bottom formation and project an upside extension toward the $2,200 area, while adding weight to the argument that the market has already established an important cycle low.

More broadly, the price action is becoming increasingly consistent with previous crypto cycle recoveries, where improving participation and leadership emerge well before broader investor confidence fully returns.

From a macro perspective, crypto also benefited from last week’s softer-than-expected US employment report, which prompted markets to scale back expectations for additional near-term Federal Reserve tightening.

Lower US yield expectations and a softer dollar have provided a more supportive backdrop for risk assets generally, though crypto’s recent performance has been particularly encouraging given its ability to outperform not only the major US equity indices over the past month, but also to continue advancing during periods when equities themselves have shown signs of fatigue.

That growing independence could prove to be one of the more important themes of this cycle. Since the Global Financial Crisis, increasingly activist central bank communication and forward guidance have contributed to a world in which nearly every asset class has traded in lockstep with expectations for monetary policy.

The Federal Reserve’s decision to move away from explicit forward guidance may ultimately help reverse some of that dynamic, allowing markets to place greater emphasis on individual fundamentals.

Such a shift would be especially constructive for digital assets, whose long-term investment case extends well beyond liquidity conditions through their unique role as an alternative store of value, an evolving medium of exchange, and the technological foundation for a more decentralized financial system.

Taken together, the combination of Ethereum leadership, crypto outperformance versus traditional assets, improving technical structures and a macro backdrop that has become modestly less restrictive offers some of the strongest evidence yet that the asset class may be transitioning from a prolonged correction into the early stages of a new cycle.

While confirmation will still require key technical levels to give way and macro risks remain, the balance of evidence continues to tilt increasingly in crypto’s favor.