Total notional volume from last Monday to Friday came in at $1.5 billion, 38% lower than the previous week.

Breaking it down per coin, bitcoin volume came in at $757 million, 45% lower than the previous week. Ether volume came in at $321 million, 9% lower than the week earlier.

Total notional volume over the past 30 days comes in at $7.5 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,375 and average position size for ether at $1,028.

Volatility has rebounded from multi-month lows and is showing signs of wanting to turn up. We’re looking at average daily ranges in bitcoin and ether of $2,145 and $80 respectively.

Crypto markets are starting the week on a firmer footing, with Bitcoin and Ethereum extending their recoveries as an improvement in global risk sentiment encourages investors to rotate back into higher-beta assets. The latest headlines surrounding a U.S.-Iran peace agreement have eased one of the key macro headwinds that had weighed on digital assets in recent months, reducing geopolitical uncertainty and supporting a broader risk-on tone across financial markets.

Bitcoin continues to act as the primary proxy for the asset class, benefiting from its increasingly established role as a digital store of value and portfolio diversifier. While flows into traditional equities have dominated the risk landscape for much of this year, there are signs that investors may now be more willing to look beyond the “safe” risk trade and revisit asset classes that have experienced deeper corrections.

As confidence improves, Bitcoin stands to benefit from renewed capital allocation as investors seek exposure outside of traditional markets. This dynamic is particularly relevant after a prolonged period in which geopolitical uncertainty and macro caution encouraged investors to concentrate their risk exposure in large-cap equities at the expense of other asset classes.

Ethereum is also participating in the recovery, with the market increasingly refocusing on its longer-term investment case tied to the growth of onchain finance and tokenized applications. Despite periods of underperformance, Ethereum remains central to much of the innovation occurring across the digital asset ecosystem.

Any sustained improvement in sentiment could help narrow the gap between Ethereum’s fundamental progress and market valuation. As investors broaden their focus beyond Bitcoin, ETH stands to benefit from renewed appreciation for the role it plays in powering the next generation of decentralized financial infrastructure.

From a macro perspective, the outlook for crypto remains closely linked to developments in traditional markets. A softer U.S. dollar, easing energy concerns and improving risk appetite have all contributed to the recent stabilization in prices.

At the same time, investors will continue to monitor this week’s major central bank meetings, including the Federal Reserve and Bank of Japan, for signals on liquidity conditions and the broader path of global monetary policy. Any shift in expectations around interest rates and financial conditions has the potential to influence appetite for risk assets more broadly.

Technically, the recent move back above key levels has provided an encouraging shift in momentum. Bitcoin reclaiming territory north of 64,200 and Ethereum pushing back above 1,720 has helped alleviate immediate downside pressure and improved the near-term outlook.

More broadly, periods of extreme pessimism have historically coincided with the formation of important lows in crypto markets. While uncertainty is likely to remain elevated, the resilience of long-term participants and the strength of underlying adoption trends continue to argue against dismissing the asset class during periods of weakness.