Total notional volume from last Monday to Friday came in at $1.2 billion, 6% higher than the previous week.

Breaking it down per coin, bitcoin volume came in at $628 million, 24% higher than the previous week. Ether volume came in at $169 million, 25% lower than the week earlier.

Total notional volume over the past 30 days comes in at $6.1 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,997 and average position size for ether at $1,478.

Volatility is tracking at multi-month lows and remains exceptionally subdued. We’re looking at average daily ranges in bitcoin and ether of $1,787 and $70 respectively.

May delivered a healthy reality check for crypto markets after the more constructive tone that emerged through March and April. Bitcoin declined 3.58% over the month while ETH underperformed with a sharper 11.17% decline.

Importantly, the weakness came during a month in which US equities continued to trade near record highs, suggesting the move was less about a deterioration in global risk sentiment and more about crypto’s ongoing struggle to attract incremental capital after a difficult start to the year.

Yet despite the pullback, the weakness failed to trigger a broader liquidation event or meaningful deterioration in market structure. Instead, both assets spent much of the month consolidating above key technical levels, suggesting that underlying positioning has become considerably healthier and that much of the excess leverage that amplified previous selloffs has already been cleared from the system.

This measured response reinforces the view that the asset class is gradually maturing and becoming less vulnerable to the type of indiscriminate selling that defined previous downturns.

From a relative performance perspective, bitcoin continues to distinguish itself from the broader digital asset universe. While ETH and many alternative crypto assets struggled to attract sustained inflows, bitcoin has increasingly benefited from its evolving role as a macro asset and potential store of value.

This divergence reflects a market that is becoming more selective, rewarding perceived quality and institutional adoption while demanding clearer use cases and stronger fundamentals elsewhere in the ecosystem. The result has been a continuation of bitcoin’s leadership, with capital concentrating in the most established and liquid segments of the market.

On the crypto-native side, institutional participation remains one of the most encouraging developments. Despite softer price action, there is little evidence of a meaningful retreat from long-term allocators.

Market infrastructure continues to improve, regulatory clarity has gradually progressed across several major jurisdictions and the overall ecosystem has shown increasing maturity in navigating periods of stress. Recent setbacks and isolated disruptions have failed to trigger broader contagion, highlighting a market structure that appears considerably more robust than in previous cycles.

Looking ahead to June and beyond, the focus shifts from stabilization toward confirmation. The key question for investors is whether the market can successfully defend the higher lows established over recent months and eventually resume its broader recovery trend.

Macro conditions will remain central, with Fed policy expectations, US dollar direction, geopolitical developments and global liquidity trends all likely to influence near-term price action. At the same time, investors will be watching closely for signs that capital begins rotating back into digital assets after several months of relative underperformance versus traditional risk markets.

The broader thesis remains largely unchanged. Sentiment has recovered from the deeply pessimistic levels seen earlier in the year, technical structures have improved meaningfully and institutional engagement continues to provide an important source of support.

While the path higher is unlikely to be linear and further periods of consolidation should be expected, the balance of evidence still suggests that crypto may be transitioning from a recovery phase into the early stages of a more sustainable bull cycle. For now, patience remains warranted, but the foundations for a stronger second half of 2026 continue to build beneath the surface.