Total notional volume from last Monday to Friday came in at $723 million, 12% lower than the previous week.

Breaking it down per coin, bitcoin volume came in at $404 million, 1% higher than the previous week. Ether volume came in at $78 million, 40% lower than the week earlier.

Total notional volume over the past 30 days comes in at $4.3 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $4,812 and average position size for ether at $1,728.

Volatility continues to sink to fresh multi-month lows. We’re looking at average daily ranges in bitcoin and ether of $1,207 and $46 respectively.

Crypto begins the week with a modest bid, although the market remains locked in directionless short-term trade.

The immediate support comes from the macro backdrop. Expectations for a September Federal Reserve rate increase have fallen to around 30% following softer labor-market indicators, inflation readings and Friday’s disappointing retail-sales report.

The resulting decline in the dollar and modestly positive tone in equity futures are providing some relief for crypto and other liquidity-sensitive assets.

Despite the short-term consolidation, the broader structure has become more constructive since bitcoin and ETH established important lows earlier this year. The recovery has been uneven and ETF demand remains relatively subdued, but the market has continued to absorb setbacks without revisiting those extremes.

This leaves bitcoin and ETH effectively on standby, with $67,300 and $2,000 representing the respective resistance levels that need to be cleared to validate the next leg higher.

The more important signal is the continued improvement in ETHBTC. Ether outperforming Bitcoin typically points to a broadening of risk appetite beyond the market’s most defensive crypto exposure.

Sustained strength in the cross would have positive implications for altcoins, DeFi and the wider digital-asset ecosystem, while providing greater validation that the recovery is becoming something more meaningful than a bitcoin-led relief rally.

Looking ahead, Wednesday’s FOMC minutes and earnings from major US retailers will help determine whether softer rate expectations can persist.

Elevated oil prices and the unresolved US-Iran confrontation remain risks through their potential impact on inflation, yields and overall risk sentiment.

The continued delay to US crypto legislation also limits the prospect of an immediate industry-specific catalyst. For now, the bias is cautiously constructive, but confirmation still requires bitcoin and ETH to break their next major resistance levels.