Total notional volume from last Monday to Friday came in at $824 million, 25% lower than the previous week.

Breaking it down per coin, bitcoin volume came in at $403 million, 33% lower than the previous week. Ether volume came in at $131 million, 25% lower than the week earlier.

Total notional volume over the past 30 days comes in at $4.6 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,070 and average position size for ether at $1,780.

Volatility continues to sink to fresh multi-month lows. We’re looking at average daily ranges in bitcoin and ether of $1,335 and $53 respectively.

Crypto markets open the week with a constructive undertone, with Bitcoin holding around $65,000 following its recovery from last week’s lows.

Sentiment has been supported by the softer US employment report, which reduced pressure on the Federal Reserve to raise rates and weighed on the Dollar and Treasury yields.

Renewed Middle East tensions and the lack of progress toward reopening the Strait of Hormuz remain near-term risks. However, these developments have yet to disrupt the broader recovery in risk appetite.

Institutional demand is also improving. US spot Bitcoin ETFs attracted roughly $850 million across five consecutive sessions last week, their strongest weekly inflow since April, while Ether funds extended their inflow streak to five weeks.

This represents an important reversal from the heavy redemptions and defensive positioning that dominated earlier in the year.

The Senate’s decision to postpone a vote on the CLARITY Act until after the summer recess has generated little sustained downside. The market had largely priced in the delay and continues to recognize that the industry can operate and expand without immediate legislation.

This is particularly true with US regulators prepared to provide greater clarity through rulemaking. Senate leadership has nevertheless laid the groundwork for another attempt when lawmakers return in September.

Below the surface, Ether’s relative strength and renewed activity in NFTs, memecoins and experimental on-chain projects point to a gradual revival in risk appetite and creativity. Some of this demand sits at the speculative end of the market, but it nevertheless suggests that participants are beginning to re-engage after months of intense drawdowns.

Continued improvement in ETHBTC would strengthen the argument that the recovery is broadening beyond Bitcoin.

The principal constraint in our view remains investor trauma rather than a clear fundamental obstacle. Capital is returning cautiously after the severe decline from the late-2025 highs, leaving the market vulnerable to consolidation before conviction rebuilds.

Technically, $67,300 remains the key Bitcoin breakout level, while Ether needs to establish itself above $2,000. A sustained move through those respective barriers could transform the current gradual recovery into the “slowly, then all at once” advance we believe is beginning to take shape.