Total notional volume from last Monday through Friday came in at $2.2 billion, 1.5% higher than the week earlier.

Breaking it down per coin, bitcoin volume came in at $1.3 billion, 12% higher than the previous week. Ether volume came in at $377 million, 49% higher than the week earlier.

Total notional volume over the past 30 days comes in at $12.8 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,657 and average position size for ether at $2,300.

Bitcoin volatility has fallen back into a familiar consolidation range. ETH volatility has been trending lower towards multi-week lows. We’re looking at average daily ranges in bitcoin and ether of $3,189 and $114 respectively.

Our technical outlook has provided valuable guidance during what has been a turbulent and directionless period of trading. Notably, we’ve witnessed an impressive recovery in Bitcoin’s price since the March low.

At the same time, we cautioned that the market would need to break through additional levels before we could confidently expect a return to the larger uptrend.

Until these levels are cleared, the possibility of a deeper pullback in 2025 remains on the table. When the correction initially began, we highlighted the potential for a decline that could extend to a significant former resistance zone now acting as support around the $74,000 mark.

Currently, the greatest drag on the crypto market is the broader traditional market, where risk sentiment has sharply diminished due to growing concerns over global trade tensions.

Looking at the S&P 500 monthly chart, we cannot dismiss the possibility of a more significant pullback that could see the index retest the 2022 high of 4,820, representing a further 13% decline from current levels.

That said, we believe such a scenario could also present a silver lining for crypto assets, as they might gain recognition as uncorrelated investments with unique appeal.

Bitcoin stands out as a store of value, while Ethereum and other cryptocurrencies highlight the transformative potential of smart contracts and decentralized finance.

So while it’s possible that we have not yet seen the bottom for crypto assets in 2025, we anticipate that any sustained weakness in U.S. equities will not be mirrored by such a severe pullback in crypto assets in Q2 2025.