LMAX Digital volumes leaned to the lighter side on Wednesday. Total notional volume came in at $213 million, 22% below 30-day average volume.

Bitcoin volume printed $98 million, 45% below 30-day average volume. Ether volume came in at $54 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 $7,786 and average position size for ether at $1,907.

Volatility remains subdued and continues to track at multi-month lows. We’re looking at average daily ranges in bitcoin and ether of $1,937 and $76 respectively.

The crypto market continues to build on this week’s recovery, with price action reinforcing the view that a meaningful bottom may be taking shape.

Bitcoin remains the key proxy for broader market sentiment and has pushed back toward the June 15 high at $67,300, which now stands out as the most important technical hurdle for the asset class.

A convincing break above that level would strengthen the case that the correction from the 2025 highs has largely run its course and could encourage a fresh wave of momentum buying.

Ethereum has also been a standout performer, reclaiming the $1,850 area and improving the technical outlook materially.

Holding above this level shifts the focus towards a move back through $2,000 and potentially into the $2,200 region, while improving relative performance in ETH has also been supportive of sentiment across the broader altcoin market.

The latest advance has been accompanied by a return of investment inflows, suggesting investors are becoming more comfortable rebuilding exposure after months of heavy risk reduction.

The macro backdrop has also become more supportive for digital assets. Softer-than-expected US inflation data this week has reduced expectations for additional Federal Reserve tightening, weighing on US Treasury yields and the US Dollar while improving appetite for higher-risk assets.

That shift has helped provide an important tailwind for cryptocurrencies, particularly after an extended period in which restrictive financial conditions had been a significant headwind for the sector.

Within crypto, the regulatory backdrop has also shown encouraging signs. Positive developments surrounding the Clarity Act have supported the narrative that the US is gradually moving toward a more constructive regulatory framework for digital assets, helping reinforce institutional confidence.

Combined with continued evidence of long-term institutional adoption and improving market flows, the backdrop has become increasingly supportive despite lingering geopolitical uncertainty.

For now, today’s session has been characterized by healthy consolidation following several days of strong gains rather than any meaningful deterioration in sentiment.

The focus remains squarely on whether Bitcoin can decisively clear the June 15 high at $67,300 and whether Ethereum can reclaim the psychologically important $2,000 level.

Success on both fronts would further strengthen the technical picture and increase confidence that the market has entered the early stages of a broader recovery.