LMAX Digital volumes were impressive to start the week. Total notional volume for Monday came in at $599 million, 89% above 30-day average volume.

Bitcoin volume printed $345 million, 102% above 30-day average volume. Ether volume came in at $109 million, 47% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,138 and average position size for ether at $1,789.

Volatility is starting to inflect higher after weeks of steady decline. We’re looking at average daily ranges in bitcoin and ether of $3,164 and $166 respectively.

The crypto market has stabilized over the past 24 hours after a sharp weekend selloff that pushed prices into meaningful longer-term technical support.

The rebound has been orderly rather than aggressive, but the ability to hold those key levels—combined with improving intraday momentum—suggests we could be seeing signs of the start to a bigger recovery.

From a market structure perspective, the weekend decline bore the hallmarks of thinner liquidity amplifying downside moves, a pattern that historically tends to see retracement once traditional markets reopen.

That dynamic is now playing out, with spot demand improving and perpetual funding rates normalizing after briefly flipping defensive. Importantly, there has been no material deterioration in on-chain or flow-based indicators, keeping the medium-term technical picture intact.

Macro cross-currents have also turned marginally more supportive. Risk sentiment has benefited from a calmer tone in FX markets, a modest pullback in US yields, and growing expectations that upcoming US labor and manufacturing data could reinforce the case for a Federal Reserve pause.

In geopolitics, the US–India trade deal has helped ease broader risk concerns, while Japan’s efforts to steady the yen have reduced near-term volatility spillovers into global assets—both constructive for crypto at the margin.

On the crypto-specific front, ETF-related flows remain resilient despite the volatility, and there has been no sign of capitulation from longer-term holders. Development activity across major networks continues at a healthy pace, and institutional engagement remains a clear structural tailwind.

ETH has also benefited from renewed interest in staking and layer-2 ecosystems, helping it keep pace with bitcoin during the rebound.

Putting it together, the combination of defended long-term support, improving post-weekend liquidity conditions, and an upbeat fundamental backdrop points to scope for a broader recovery phase to develop.

Near-term price action will still be sensitive to macro data and risk appetite, but absent a negative shock, the balance of risks appears to be shifting back toward stabilization and upside consolidation after an exaggerated weekend drawdown.