LMAX Digital volumes for Tuesday were impressive, putting in the strongest performance since late February.

Total notional volume came in at $514 million, 122% above 30-day average volume.

Bitcoin volume printed $345 million, 224% above 30-day average volume. Ether volume came in at $92 million, 27% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,482 and average position size for ether at $2,547.

Volatility remains subdued but is showing signs of wanting to turn back up. We’re looking at average daily ranges in bitcoin and ether of $2,469 and $109 respectively.

Crypto markets have been trading with a more constructive tone, extending gains established earlier in the week and reinforcing the view that a more durable base may be forming.

That said, it’s one thing to break an important level and another to establish above it. While the technical developments are encouraging, the focus now shifts to confirmation via weekly closes.

As highlighted previously, a sustained close above $76k in bitcoin and $2,400 in ETH would strengthen the case for a structural shift and a more meaningful trend reversal.

For now, markets are moving in the right direction, but the burden remains on bulls to demonstrate follow-through into the weekly close.

From a macro perspective, the backdrop has become incrementally more supportive. A moderation in geopolitical tensions has helped ease safe-haven flows and reduce headline-driven volatility, allowing digital assets to refocus on underlying fundamentals.

At the same time, broader risk assets have shown resilience, with equities stabilizing and volatility compressing, creating a more favorable environment for crypto to outperform on a relative basis.

Fundamentally, the story continues to improve. There is ongoing evidence of deepening institutional engagement and infrastructure build-out, reinforcing the longer-term adoption narrative.

This includes steady flows into crypto-linked investment products, continued development across tokenization and blockchain-based financial rails, and growing integration with traditional finance. These themes are helping to underpin dips and attract medium-term allocators back into the space.

Looking ahead, the key question is whether this improving macro and fundamental backdrop can translate into sustained technical confirmation.

A successful weekly close above the highlighted resistance levels would likely invite momentum-driven inflows and trend-following participation. Conversely, any failure to hold these levels risks reinforcing the broader range-bound dynamic that has defined much of recent price action.