LMAX Group digital asset volumes put in another impressive day on Wednesday. Total volume came in at $1.4 billion.

Breaking it down per coin, bitcoin volume came in at $1.3 billion. Ether volume came in at $59 million.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,773 and average position size for ether at $2,901.

Volatility has stabilized after rebounding sharply from its August low. We’re looking at average daily ranges in bitcoin and ether of $2,041 and $90 respectively.

Digital assets remain caught in choppy, directionless trading, consolidating the impressive recovery seen through August and September. Bitcoin continues to set the tone, with ETH similarly struggling to establish momentum.

The earlier period of crypto outperformance has given way to closer alignment with equities as investors wait for a fresh catalyst within the sector.

For now, global macro remains the dominant influence, with interest rate expectations, oil prices and geopolitical developments shaping demand. US equity futures have softened as investors balance encouraging earnings against concerns over AI investment and tensions in the Gulf.

Elevated energy prices remain a complication, threatening to sustain inflation and limit the scope for a more supportive monetary backdrop.

Even so, our view is that renewed equity weakness need not translate into proportionate losses across digital assets. Bitcoin’s scarcity and the broader investment case for blockchain adoption offer sources of demand beyond traditional risk appetite.

That supports a constructive bias toward dips, although the recent return of closer correlation with stocks means near-term volatility remains likely.

The more important point is that this consolidation follows a substantial recovery. We see that as consistent with a broader pattern of sharp drawdowns giving way to firmer foundations and, eventually, renewed advances.

That interpretation still needs confirmation, but with Bitcoin well below its record high, a sustained recovery would leave considerable room for upside.

For Bitcoin, yesterday’s high at $84,810 is the immediate level to watch. A sustained break above it would strengthen the case that consolidation is resolving higher and could attract fresh momentum buying, bringing $100,000 back into focus.

Follow-through from ETH would add conviction that any advance is broadening across the market.