LMAX Group digital asset volumes were on the lighter side to start the week. Total volume from Monday came in at $616 million.

Breaking it down per coin, bitcoin volume came in at $471 million. Ether volume came in at $78 million.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $4,714 and average position size for ether at $2,320.

Volatility has been steady over the past several weeks. We’re looking at average daily ranges in bitcoin and ether of $2,173 and $90 respectively.

Bitcoin is stabilizing into Tuesday after a modest recovery from the weekend lows, with Ether also finding its footing. The contrast with Monday’s sharp Wall Street rally was striking.

Crypto can trade on its own fundamentals, but after a difficult year, the muted response to stronger equities and lower oil suggests buyers are still waiting for a catalyst.

There are reasons for that hesitation. The Binance security breach and uncertainty over crypto regulation after the US midterms have weighed on sentiment.

Recent outflows from spot Bitcoin and Ether ETFs show that demand through those funds has yet to turn. Easing fears of renewed US strikes on Iran helped equities on Monday, but offered crypto only limited relief.

The technical picture is more constructive. The pullback from the September highs has brought Bitcoin close to its 200-day moving average, while Ether is approaching the $2,000 area, where former resistance could now offer support.

If those levels hold, we see scope for both assets to establish a higher low and build toward a retest of the September highs, with room to extend through them.

Our broader view is that both assets may already have put in their cycle lows. With Bitcoin and Ether still well below their 2025 peaks, we see attractive entry levels against a longer-term backdrop of wider institutional access to Bitcoin and growing use of Ethereum for stablecoins and tokenized assets.

After several weeks of selling, a sustained return of spot demand could reprice the market quickly.

US CPI is the immediate test. A hotter print could push Treasury yields and the dollar higher, reinforcing expectations for a December Fed hike and putting renewed pressure on Bitcoin and Ether.

An in-line or softer reading should give both some breathing room, though the more telling signal will be whether buyers follow through once the initial reaction fades.