LMAX Digital volumes saw a nice recovery on Wednesday. Total notional volume came in at $252 million, 13% above 30-day average volume.

Bitcoin volume printed $104 million, 4% below 30-day average volume. Ether volume came in at $75 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 $6,830 and average position size for ether at $2,626.

Volatility continues to trend lower and remains exceptionally subdued. We’re looking at average daily ranges in bitcoin and ether of $2,072 and $82 respectively.

The crypto market has seen a modest corrective pullback over the past 24 hours, with some profit-taking emerging after an extended run higher.

Bitcoin has eased off recent highs but continues to hold within a constructive range, while Ethereum has underperformed on the downside, maintaining the relative lag that has defined much of the recent recovery phase.

At this stage, the move reads as a healthy consolidation rather than any material shift in underlying trend.

From a macro standpoint, the softer tone in crypto contrasts with still-resilient sentiment across traditional markets.

The Nasdaq Composite remains near record highs, underscoring ongoing appetite for risk, though firmer US yields and a modestly stronger dollar may be exerting some pressure at the margin on higher beta segments like digital assets.

In this context, the pullback in crypto looks more like a localized positioning adjustment than a reflection of broader macro stress.

Looking beyond the past 24 hours, the broader performance backdrop remains notable.

Bitcoin has delivered an impressive run over the past month, broadly keeping pace with the Nasdaq’s outperformance, while Ethereum’s gains—though more tempered—have still tracked the solid advance in the S&P 500.

At the same time, both assets remain well below their 2025 highs and are still down on the year, which helps explain some of the hesitation and scrutiny around the strength of the recovery, particularly in ETH.

Importantly, this type of divergence is not unusual within crypto cycles.

We saw a similar dynamic play out in early 2025, when bitcoin established a base and began to rally well ahead of equities, while Ethereum lagged before eventually breaking out and delivering outsized gains.

The pattern of bitcoin leading, followed by ETH catching up and ultimately outperforming, remains a familiar sequencing and continues to inform expectations as the cycle evolves.

The key takeaway is that crypto remains a young, evolving asset class with significant room for adoption and expansion.

As global sentiment stabilizes, capital tends to rotate first into the most liquid and established exposures before broadening out.

Technically, bitcoin’s break above key resistance supports the view that a more durable base is already in place, while Ethereum has already pushed above the critical $2,400 level and now looks to firmly establish back above this threshold.

A sustained hold above this area would signal a meaningful shift in momentum, opening the door for a recovery toward $3,000, which would then put the focus back on a retest and eventual break of the record highs from 2025.

LMAX Digital volumes for Tuesday pulled back from Monday’s impressive performance. Total notional volume came in at $207 million, 6% below 30-day average volume.

Bitcoin volume printed $107 million, on pace with 30-day average volume. Ether volume came in at $54 million, 9% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,762 and average position size for ether at $2,675.

Volatility continues to trend lower and remains exceptionally subdued. We’re looking at average daily ranges in bitcoin and ether of $2,096 and $81 respectively.

Crypto is trading with a firmer tone, led by bitcoin holding above the key $80,000 area and edging higher as fresh ETF inflows, a softer dollar backdrop, and improved risk sentiment help absorb bouts of volatility.

Market positioning also looks healthier, with bitcoin continuing to act as the main proxy for the asset class.

On the crypto-native side, the market is getting support from renewed demand for spot bitcoin exposure and a selective bid in altcoins, with some of the strongest moves still concentrated in higher-beta names rather than broad-based participation.

Ethereum is steadier than bitcoin, but still constructive, benefiting from the same risk-on impulse even as it lags bitcoin in directional leadership.

Traditional market drivers are certainly helping via a calmer geopolitical tone and easier trade tensions, but we are also seeing more and more signs of relative strength in bitcoin, which is still able to hold a bid even when broader risk appetite fades.

This suggests bitcoin is not just tracking macro moves mechanically; it is also showing enough underlying demand to absorb risk-off pressure, while increasingly being recognized as a store of value.

For ETH specifically, the main support is coming from improving capital flows rather than a single catalyst.

ETH is still trading as a second-order expression of the same macro backdrop, so relative performance depends on whether the market starts favoring network utility and on-chain activity over pure reserve-asset demand.

It would be encouraging to see Ethereum finally break out and establish itself above $2,400, starting to outperform bitcoin, as that would signal appetite across the asset class is ramping up decisively.

LMAX Digital volumes for Monday were impressive. Total notional volume came in at $324 million, 49% above 30-day average volume.

Bitcoin volume printed $175 million, 68% above 30-day average volume. Ether volume came in at $80 million, 34% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,708 and average position size for ether at $2,661.

Volatility continues to trend lower and remains exceptionally subdued. We’re looking at average daily ranges in bitcoin and ether of $2,143 and $85 respectively.

Crypto markets have maintained a constructive tone over the past 24 hours, with bitcoin continuing to lead the move higher.

Bitcoin has held firmly above the $80k level, reinforcing the significance of the recent breakout and pointing to a market that is increasingly transitioning from recovery into a more structural uptrend.

The price action here is notable not just for the move itself, but for the stability above former resistance, which is helping to anchor sentiment.

Ethereum, meanwhile, has shown encouraging but less decisive price action. ETH has managed to break above the $2,400 level intraday, but has yet to firmly establish acceptance above it, with the market now attempting to reclaim that zone on a sustained basis.

This keeps Ethereum in a more neutral confirmation phase, where a clean hold above resistance would be needed to validate broader market participation beyond the bitcoin-led rally.

What continues to stand out is crypto’s resilience against a challenging macro backdrop. A firmer US Dollar, softer equity tone, and ongoing geopolitical tensions—particularly around the Middle East—have not translated into meaningful downside for digital assets.

This suggests that much of the macro-driven selling pressure seen in late 2025 and early 2026 has already been absorbed, with investors increasingly viewing the space as offering value after a prolonged drawdown.

From a flows and narrative perspective, sentiment is being supported by a combination of institutional engagement and improving regulatory visibility.

Ongoing optimism around potential legislative progress in the US is helping to reinforce confidence, while continued signs of ecosystem maturity—such as coordinated responses to DeFi-related disruptions—are reducing concerns around systemic fragility.

Technically, the setup remains constructive, particularly for bitcoin, where the break of multi-month resistance opens the door for a potential retest of prior cycle highs.

For Ethereum, the near-term focus is clearly on whether it can decisively reclaim and hold above $2,400, which would likely act as a catalyst for broader participation.

Overall, the balance of risks appears to be shifting more favorably, especially if crypto can continue to hold firm despite ongoing macro and geopolitical uncertainty.

Total notional volume from last Monday to Friday came in at $1.2 billion, 9% lower than the previous week.

Breaking it down per coin, bitcoin volume came in at $542 million, 8% lower than the previous week. Ether volume came in at $282 million, 21% lower than the week earlier.

Total notional volume over the past 30 days comes in at $6.3 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,629 and average position size for ether at $2,630.

Volatility remains exceptionally subdued and continues to trend lower. We’re looking at average daily ranges in bitcoin and ether of $2,175 and $88 respectively.

April marked a continuation of the stabilization phase in crypto markets, with price action consolidating after the meaningful shift in tone seen in March. Bitcoin and ETH both held onto their prior gains and, more importantly, maintained positioning above key technical levels, reinforcing the view that a durable bottom may already be in place.

The standout development was bitcoin’s sustained break above the $76k resistance area, a level that had capped rallies for months, suggesting the market may now be transitioning from recovery into the early stages of a bullish structural shift, while ETH’s push through $2,400—though less decisive—has kept the door open for broader participation to follow.

From a cross-asset perspective, April performance was more constructive than widely appreciated. Despite record highs in US equities and a volatile macro backdrop, bitcoin and ETH both kept pace with the Nasdaq while outperforming the S&P500.

This relative strength is particularly notable given how far crypto remains below its 2025 highs and supports the argument that the asset class may be in the early stages of a catch-up phase after a deeply challenging Q4 2025 and Q1 2026.

Macro and geopolitical dynamics have remained central, with a more hawkish Fed tone and escalating Middle East tensions—particularly around the Strait of Hormuz—driving volatility across asset classes.

Yet, crypto’s reaction has been measured. Rather than breaking down, the market has largely absorbed these shocks, reinforcing the idea that much of the macro-driven selling pressure had already been priced in.

At the same time, bitcoin’s evolving role as a perceived store of value continues to gain traction, raising the possibility that crypto may not remain tightly tethered to traditional risk assets in future stress environments.

On the crypto-native side, the ecosystem has continued to mature, even in the face of setbacks. Recent DeFi-related disruptions have not triggered systemic stress, instead highlighting the market’s growing ability to respond and stabilize, while institutional participation remains a key pillar of support.

There is also a growing sense that significant capital remains on the sidelines, with improving market structure, clearer use cases and strengthening technicals potentially acting as catalysts for re-engagement.

Looking ahead to May, the focus shifts to confirmation. Markets will be watching whether bitcoin can firmly establish itself above its breakout zone and whether ETH can deliver a more sustained move through $2,400, which would signal broader market participation.

The macro backdrop—particularly Fed policy expectations, US dollar direction and geopolitical developments—will remain critical, but the balance of risks appears to be shifting. With sentiment having been washed out earlier in the year and early signs of structural improvement now in place, the setup increasingly points toward the potential for crypto to reassert leadership.

LMAX Digital volumes continue to trend up this week. Total notional volume for Wednesday came in at $277 million, 24% above 30-day average volume.

Bitcoin volume printed $144 million, 39% above 30-day average volume. Ether volume came in at $63 million, 3% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,332 and average position size for ether at $2,554.

Volatility remains exceptionally subdued. We’re looking at average daily ranges in bitcoin and ether of $2,266 and $94 respectively.

Crypto has come under modest pressure over the past 24 hours, with price action reflecting the broader risk-off tone driven by a more hawkish Fed and renewed geopolitical escalation.

Bitcoin, as the primary proxy, has seen some pullback but continues to hold relatively well within its recent range, suggesting the market is digesting macro shocks rather than breaking down.

Ethereum has followed a similar path, with near-term softness but no clear deterioration in the underlying structure.

What stands out is that, despite the macro headwinds, the overall fallout in crypto has been contained, reinforcing the idea that the market may be transitioning toward a more resilient footing.

Bitcoin’s store-of-value narrative and the deflationary structure of the asset class continue to attract attention, particularly in an environment where inflation risks and geopolitical uncertainty are rising.

However, the extent to which crypto can decouple from traditional risk assets remains a key question for investors.

There is a growing view that crypto could begin to stand more independently, especially after the heavy drawdowns seen in Q4 2025 and Q1 2026.

With equities still near elevated levels and potentially vulnerable, the idea that crypto could hold steady—or even outperform—during a period of equity weakness is gaining traction.

This is further supported by the significant amount of sidelined capital that has yet to meaningfully engage with the asset class.

From a structural perspective, recent DeFi-related setbacks have not undermined confidence but instead highlighted the market’s ability to respond and stabilize.

The speed at which participants have moved to backstop losses and maintain confidence points to a maturing ecosystem, where resilience is increasingly built into the system rather than dependent on external support.

Looking ahead, key technical levels remain important for confirming the recovery narrative.

A convincing move back above $76k in bitcoin and a push through $2,400 in ETH would signal renewed momentum and strengthen the case that the market is in the early stages of a more meaningful recovery following several months of underperformance.

LMAX Digital volumes for Tuesday were up across the board. Total notional volume came in at $252 million, 12% above 30-day average volume.

Bitcoin volume printed 116 million, 11% above 30-day average volume. Ether volume came in at $75 million, 13% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,148 and average position size for ether at $2,526.

Volatility continues to trend lower and remains exceptionally subdued. We’re looking at average daily ranges in bitcoin and ether of $2,229 and $93 respectively.

Crypto has traded with a steadier tone over the past 24 hours, with price action characterized more by consolidation within an improving structure than any deterioration in underlying demand.

Bitcoin continues to act as the primary anchor after its break above $76k, with the market’s ability to hold above former resistance reinforcing the view that a bullish structural shift may be taking shape, while Ethereum remains focused on establishing firmer footing above the $2,400 area as markets look for added confirmation of catch-up strength.

A key theme in recent sessions has been the growing divergence between perception and performance.

While many continue to focus on crypto trading below its 2025 highs versus record US equities, the past 30 days have shown a much more constructive picture, with bitcoin and ether holding their own relative to major equity benchmarks and signaling renewed demand returning to the asset class after a difficult Q4 and Q1.

Macro crosscurrents have remained an important influence, with crypto continuing to take cues from softer-dollar dynamics, elevated geopolitical risk and broader positioning ahead of the Fed decision.

As with other liquidity-sensitive assets, investors remain focused on whether a more investor-friendly policy tone could reinforce risk appetite and support the case for digital assets to extend recent relative outperformance.

Within crypto itself, the absence of major idiosyncratic catalysts has kept attention on technicals, flows and market structure, where the backdrop remains constructive.

Recent price action appears more consistent with healthy digestion after breakout than exhaustion, while continued institutional participation and improving sentiment around crypto allocations have helped keep dips supported.

Looking ahead, markets will be watching whether bitcoin can continue to defend its breakout zone and whether Ethereum can secure a more convincing hold above $2,400, a move many see as important for validating a wider resurgence across digital assets.

The underlying bias remains that crypto may be in the early stages of reasserting leadership, particularly if macro conditions turn incrementally more supportive and the current structural shift continues to build momentum.

LMAX Digital volumes for Monday were solid overall. Total notional volume came in at $246 million, 13% above 30-day average volume.

Bitcoin volume printed 110 million, 9% above 30-day average volume. Ether volume came in at $63 million, 3% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,066 and average position size for ether at $2,544.

Volatility continues to trend lower and remains exceptionally subdued. We’re looking at average daily ranges in bitcoin and ether of $2,229 and $94 respectively.

Crypto has traded in a relatively contained fashion over the past 24 hours, with price action more defined by consolidation than conviction as markets continue to digest recent breakout gains.

Bitcoin has held up well as the primary proxy, with the broader tone underpinned by the constructive technical shift established after the break above $76k, while ETH has pulled back after recently breaking above critical resistance at $2,400 and now looks to establish a base for renewed follow-through.

While crypto has lagged the push to fresh highs in equities this week, the broader context remains notable, with both bitcoin and ether still outperforming traditional risk assets on a one-month basis.

That relative strength, combined with the softer performance seen in crypto through late last year and Q1, continues to support the argument for catch-up potential and a broader structural re-rating across the asset class.

Near-term drivers have been less crypto-specific and more macro-led, with markets taking cues from softer dollar dynamics, geopolitical uncertainty and positioning ahead of the Fed decision.

As in broader markets, attention remains centered on whether policymakers deliver a more investor-friendly, dovish-leaning message, with the policy outlook still a key input into liquidity-sensitive assets such as crypto.

Within digital assets, the absence of major new idiosyncratic catalysts has kept focus on technicals and flows, and from that perspective the setup remains constructive rather than fatigued.

Recent consolidation appears more consistent with digestion after breakout than reversal, while steady institutional demand and improving sentiment around broader participation continue to offer support on dips.

Looking ahead, the combination of Fed event risk, geopolitical developments and whether bitcoin and ETH can continue to hold above their respective breakout zones will be central for near-term direction.

The broader bias remains that the market may be in the early stages of a more meaningful bullish structural shift, with scope for crypto to reassert leadership if macro conditions turn incrementally more supportive.

Total notional volume from last Monday to Friday came in at $1.3 billion, 17% lower than the previous week.

Breaking it down per coin, bitcoin volume came in at $592 million, 35% lower than the previous week. Ether volume came in at $357 million, 15% higher than the week earlier.

Total notional volume over the past 30 days comes in at $6.4 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,997 and average position size for ether at $2,506.

Volatility remains exceptionally subdued and continues to trend lower. We’re looking at average daily ranges in bitcoin and ether of $2,256 and $95 respectively.

It would be easy to get caught up in the whirlwind of downside pressure as Monday gets going, but we think that would be a mistake. This reflects typical Monday consolidation and headline-driven caution rather than any erosion in underlying demand, with broader altcoins mirroring the majors amid light volume.

The bigger picture is looking far more constructive right now since bitcoin easily cleared major resistance at $76k several days back. From a technical perspective, this break opens the door for a more significant upside extension back towards $90k.

Institutional and corporate buying interest continues to provide a reliable bid on dips, reinforcing buyer conviction even as short-term volatility increases.

Although follow-through has been less convincing with respect to ETH, we have still seen ETH take out its major resistance at $2,400 and are simply now waiting for the market to settle above the figure.

We believe once it does, it could open the door for a major resurgence in demand across the broader crypto asset class.

ETH’s current consolidation has been accompanied by steady network metrics and positioning that favors eventual catch-up performance.

On the macro front, traditional markets continue to navigate geopolitical developments surrounding U.S.-Iran tensions, including reports of stalled talks, a canceled high-level travel plan, and ongoing uncertainty around any ceasefire extension.

In summary, while the near-term tape may feel choppy, the structural setup remains bullish. We continue to view dips as buying opportunities, with bitcoin leading the way and ETH poised to follow once it confirms its breakout.

LMAX Digital volumes were impressive on Wednesday. Total notional volume came in at $357 million, 61% above 30-day average volume.

Bitcoin volume printed $207 million, 104% above 30-day average volume. Ether volume came in at $82 million, 20% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,773 and average position size for ether at $2,444.

Volatility has leveled out in recent sessions but remains subdued overall. We’re looking at average daily ranges in bitcoin and ether of $2,502 and $102 respectively.

The crypto market has come under modest pressure, with bitcoin pulling back after its recent breakout above the $76k level, as renewed geopolitical caution—particularly around Middle East developments—has triggered a more defensive tone across risk assets.

The move lower appears more corrective than structural at this stage, with broader macro uncertainty encouraging some near-term profit taking following an otherwise constructive run.

Despite the softer tone, underlying price action continues to point to improving market structure. Bitcoin’s ability to hold above former resistance is a key technical development, suggesting the breakout remains intact for now.

Meanwhile, ETH is lagging slightly but remains within reach of the $2,400 level, with a decisive move above this threshold seen as an important confirmation signal for a broader bullish shift across the asset class.

From a flow and positioning perspective, there are increasing signs that longer-term holders are stepping back in, helping to absorb supply and stabilize the market on dips.

This shift comes after an extended period of weak sentiment and deleveraging, which appears to have reset positioning and created a healthier base for accumulation.

The contrast between improving on-chain dynamics and still-cautious headline sentiment is notable.

Macro drivers continue to play an important role, with crypto trading in closer alignment with broader risk assets. Geopolitical tensions have supported intermittent demand for defensive positioning, while a steadier US dollar and mixed global growth signals have capped upside momentum.

At the same time, the absence of fresh negative regulatory or structural developments within crypto itself has allowed the market to remain relatively resilient.

LMAX Digital volumes were marginally softer on Tuesday. Total notional volume came in at $206 million, 7% below 30-day average volume.

Bitcoin volume printed $80 million, 19% below 30-day average volume. Ether volume came in at $68 million, 1% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,638 and average position size for ether at $2,478.

Volatility has leveled out in recent sessions but remains subdued overall. We’re looking at average daily ranges in bitcoin and ether of $2,532 and $105 respectively.

The crypto market has extended its recent recovery, with bitcoin continuing to consolidate above the key $76k breakout zone and ETH poking back up above the $2,400 level.

Price action is constructive, with both assets holding gains despite a still uncertain macro backdrop, reinforcing the view that the market may be transitioning out of the prolonged weakness seen since Q3 2025.

The technical shift is notable, as sustained acceptance above these levels opens the door for a broader move toward $90k in bitcoin and above $3k in ETH.

From a sentiment perspective, the recent upside comes at a time when positioning had been extremely washed out.

The past two quarters were defined by persistent disappointment, particularly as strong narratives around institutional adoption and regulatory progress failed to translate into immediate price appreciation.

This disconnect appears to have resolved somewhat, with the recent rebound suggesting a healthier market structure following a period of consolidation and excess removal.

Macro and geopolitical developments have also played a role. Ongoing tensions around Iran and the Strait of Hormuz have supported demand for alternative stores of value at the margin, while a more mixed outlook for the US dollar and rangebound traditional markets have created a more favorable backdrop for crypto assets.

At the same time, resilient US economic data continues to anchor global risk sentiment, allowing crypto to participate in a broader stabilization across asset classes rather than trading purely as a high-beta risk proxy.

On a relative basis, crypto has started to outperform traditional assets, with bitcoin and ETH both running ahead of the S&P 500 and Gold over the past month.

This rotation dynamic is important, as it suggests capital is beginning to re-engage with the space after a period of underperformance, particularly as other asset classes pause following strong rallies.

Looking ahead, the focus will remain on whether crypto can sustain this breakout and build momentum.

Continued stability in macro conditions, alongside incremental progress on institutional flows and regulatory clarity, should support the case for further upside, though the market will still need to navigate headline risk from global geopolitics and shifts in broader risk appetite.