LMAX Digital volumes put in another solid performance on Tuesday. Total notional volume came in at $1.9 billion.

Breaking it down per coin, bitcoin volume came in at $1.7 billion. Ether volume came in at $138 million.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,053 and average position size for ether at $2,246.

Volatility could be getting ready to turn higher again after several weeks of consolidation. We’re looking at average daily ranges in bitcoin and ether of $2,378 and $99 respectively.

Bitcoin is consolidating after a sharp rebound that has brought it back to its strongest levels in months. Renewed demand through spot ETFs and the closing of short positions have helped drive the move.

Ether has participated in the broader recovery. The immediate question is whether fresh buying can sustain the advance once the initial burst of momentum fades.

The macro backdrop has become more supportive at the margin. Oil has retreated as US-Iran talks raise hopes of easing pressure on regional energy supplies, giving risk assets some relief from inflation concerns.

The rebound is also a testament to crypto’s strength: bitcoin and ether have rallied despite broad US dollar demand driven by the Fed’s hawkish stance. That makes the move all the more impressive.

We think the rebound carries particular weight because it follows another severe test of confidence. Crypto has repeatedly recovered from dramatic setbacks, and investors may increasingly come to see this volatility as a feature of an emerging asset class.

This strengthens the case for renewed participation while bitcoin and ether remain well below their late-2025 peaks.

The longer-term appeal is also becoming easier for traditional investors to understand. Bitcoin offers a distinct way to hold and transfer value, while Ethereum’s (and other protocols) smart contracts support DeFi and the prospect of assets trading around the clock.

Recent US steps to permit limited onchain trading of tokenized stocks offer a concrete sign of progress. The broader regulatory framework is still developing, but the direction of travel points toward greater integration with traditional markets.

For investors who entered through bitcoin and ether ETFs and then faced crypto’s familiar volatility, the recovery should rebuild confidence. In our view, the immediate technical picture leaves room for bitcoin to push back above $100,000 and ether above $3,000.

Sustained ETF demand, a calmer geopolitical backdrop and continued progress on real-world adoption would give those moves a firmer foundation.