Total notional volume from last Monday to Friday came in at $972 million, 27% lower than the previous week.

Breaking it down per coin, bitcoin volume came in at $504 million, 36% lower than the previous week. Ether volume came in at $223 million, 5% lower than the week earlier.

Total notional volume over the past 30 days comes in at $8.1 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,903 and average position size for ether at $1,765.

Volatility continues to consolidate off multi-month lows. We’re looking at average daily ranges in bitcoin and ether of $1,955 and $73 respectively.

The digital asset market has begun the week on a relatively quiet footing, with subdued summer trading conditions contributing to muted price action.

Even so, the broader technical backdrop continues to improve following bitcoin’s recovery from its recent yearly low, with the market showing signs that a more meaningful base may be forming.

For now, investors appear content to consolidate recent gains as they assess whether the recovery has sufficient momentum to extend further.

Bitcoin remains the primary market proxy and is now approaching an important technical hurdle at the 15 June high near $67,300. A convincing break above this level would strengthen the case that the recent lows marked an important cyclical turning point, shifting focus toward a much larger recovery and, ultimately, a retest of the 2025 record high.

History has shown that while crypto bear markets can be exceptionally severe, they have consistently been followed by powerful recoveries to fresh all-time highs, with each successive cycle producing progressively shallower drawdowns.

Ethereum continues to command close attention as its own recovery gathers momentum. A sustained move above $1,850 would complete a major double-bottom formation and could trigger an acceleration back above the psychologically important $2,000 level.

Perhaps more importantly, such a breakout would suggest that investor appetite is broadening beyond bitcoin, an important characteristic of healthier and more durable crypto bull markets. These transitions often develop gradually before momentum accelerates rapidly once key technical levels give way.

Beyond crypto-specific developments, the macro backdrop remains an important driver of sentiment. Investors continue to monitor the interaction between inflation, central bank policy expectations, Treasury yields, and the US dollar, all of which remain key influences on digital asset performance.

At the same time, renewed geopolitical tensions in the Middle East have introduced an additional layer of uncertainty across global markets, although crypto has so far remained relatively resilient compared with traditional risk assets.

Looking ahead, market participants will closely watch incoming US inflation data and comments from Federal Reserve Chair Kevin Warsh for further clues on the direction of monetary policy. Softer inflation or a less hawkish policy outlook would likely weigh on the US dollar and yields while improving the backdrop for risk assets, including crypto.

More broadly, if bitcoin and Ethereum can overcome their respective resistance levels in the sessions ahead, confidence will continue to build that the market is transitioning from a stabilization phase into the early stages of the next major cyclical advance.