LMAX Digital volumes for Wednesday were healthy. Total notional volume came in at $282 million, 25% above 30-day average volume.

Bitcoin volume printed $125 million, 26% above 30-day average volume. Ether volume came in at $94 million, 26% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,074 and average position size for ether at $2,414.

Volatility remains subdued. We’re looking at average daily ranges in bitcoin and ether of $2,457 and $102 respectively.

Bitcoin has been consolidating near recent highs, with dips continuing to attract buyer interest and suggesting underlying support from institutional flows and longer-term positioning.

The price action reflects a market that remains biased toward accumulation rather than aggressive distribution, although momentum has clearly moderated amid choppy trading.

ETH has broadly tracked bitcoin, posting slightly more muted upside and reflecting a still-cautious tone around altcoins overall. That said, Ethereum continues to draw support from structural narratives around staking demand and ecosystem development, helping it hold key levels on pullbacks.

Relative performance between the two majors has remained largely stable, with limited rotation into higher-beta segments.

Geopolitical developments have played a key role in shaping sentiment, with the recent US-Iran two-week ceasefire providing some initial relief. However, the truce remains fragile, with ongoing disputes over the Strait of Hormuz and differing interpretations of the agreement’s terms creating uncertainty.

This tentative de-escalation has helped ease some immediate tail risks around energy supplies and broader instability, supporting a modestly more constructive tone across risk assets including crypto.

From a macro perspective, crypto continues to be influenced by shifting expectations around US interest rates and inflation. A less certain path for Federal Reserve easing — amid resilient labor data and lingering energy-driven inflation pressures — has tempered more aggressive upside moves.

As a result, bitcoin and ETH are trading as a hybrid between a macro hedge and a high-beta risk asset in the current environment.

Overall, the market tone is constructive yet cautious, with bitcoin holding recent gains and ETH following in tandem.

The lack of a decisive macro or geopolitical catalyst has kept price action contained, but the resilience seen on dips indicates that underlying demand remains intact for now.