LMAX Digital volumes got off to a slow start this week. Total notional volume for Monday came in at $177 million, 30% below 30-day average volume.

Bitcoin volume printed $88 million, 35% below 30-day average volume. Ether volume came in at $33 million, 30% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,190 and average position size for ether at $1,016.

Volatility has recovered off multi-month lows and is showing signs of wanting to turn up. We’re looking at average daily ranges in bitcoin and ether of $2,089 and $76 respectively.

Crypto markets are under pressure to start the week, though the asset class continues to show encouraging resilience relative to broader risk sentiment. Bitcoin remains the key focus, consolidating above recent lows despite a sharp deterioration in equity market sentiment.

Notably, easing geopolitical tensions, ongoing peace negotiations, and a meaningful pullback in oil prices have done little to support stocks, suggesting investor attention is shifting toward concerns around elevated valuations and a more hawkish Federal Reserve regime.

This dynamic could prove important for crypto. For much of its history, Bitcoin has been viewed and traded as a high-beta risk asset, largely because it was born and matured during an era of rising equity markets and abundant liquidity.

However, with equities increasingly vulnerable to tighter financial conditions and a Fed that appears more focused on inflation than supporting asset prices, Bitcoin may finally have an opportunity to demonstrate its credentials as a true store-of-value asset independent of traditional risk markets.

In our view, the setup remains compelling. Bitcoin has already endured a drawdown of more than 50% from its 2025 peak, while Ethereum has at one stage fallen roughly 70%, leaving valuations considerably less stretched than in traditional markets.

At the same time, the market continues to underestimate the potential appeal of Bitcoin in an environment where confidence in traditional financial assets may be tested. Bitcoin remains a fraction of the size of the gold market despite combining digital scarcity with the ability to move large amounts of value instantly, securely, globally, and at low cost, qualities that many would argue make it a superior store-of-value asset for the digital age.

The broader crypto market still faces a more nuanced outlook if risk sentiment deteriorates further. However, if Bitcoin can begin to outperform during periods of stock market weakness, it would reinforce the investment case for the entire asset class and create a positive spillover effect across digital assets.

This comes at a time when the long-term value proposition around blockchain infrastructure, financial efficiency, yield generation, and tokenization continues to strengthen beneath the surface.

From a technical perspective, little has changed despite the latest volatility. Bitcoin and Ethereum continue to consolidate above their recent lows, preserving the broader recovery structure for now.

Key upside levels remain 67,300 in Bitcoin and 1,850 in Ethereum. A sustained break above these areas would strengthen the constructive outlook and help build confidence that the market is in the process of establishing a more durable cycle low.