LMAX Digital volumes put in an impressive performance across the board on Wednesday. Total notional volume came in at $509 million, 41% above 30-day average volume.

Bitcoin volume printed $310 million, 62% above 30-day average volume. Ether volume came in at $108 million, 23% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,757 and average position size for ether at $2,648.

Volatility has leveled out after trending sharply lower since early February. We’re looking at average daily ranges in bitcoin and ether of $3,480 and $134 respectively.

Bitcoin has staged an aggressive recovery over the past 24 hours, rallying sharply and reclaiming the $70,000 level after several sessions of consolidation and downside pressure. The move appears to have been triggered by a decisive technical breakout.

That breakout forced a wave of short liquidations across derivatives markets and accelerated upside momentum. As positioning flipped quickly, systematic and momentum-driven strategies helped amplify the move, allowing bitcoin to extend gains into the mid-$70,000 area.

Beyond the mechanical squeeze, the rebound has also coincided with signs of renewed institutional demand. Market participants have pointed to stronger U.S.-based buying flows and improving spot demand following the recent pullback.

This suggests longer-term allocators used the dip to re-establish exposure. The resilience of inflows into investment vehicles tied to bitcoin has also helped reinforce the broader narrative that institutional adoption remains a structural driver supporting the asset class.

Developments in the macro landscape have also contributed to the shift in sentiment. Risk appetite across global markets improved modestly over the past day as investors digested the latest geopolitical headlines and reassessed the near-term outlook for growth and monetary policy.

At the same time, bitcoin continues to attract attention as a potential alternative store of value in periods of geopolitical uncertainty. This dynamic has occasionally reinforced demand alongside traditional hedging assets.

There has also been a supportive undertone from the policy backdrop, with renewed discussion around regulatory clarity for digital assets in the United States helping to improve sentiment across the sector.

The prospect of clearer frameworks for market structure and asset classification has been interpreted as a longer-term positive for institutional participation. This has contributed to the constructive tone seen across crypto markets.

ETH has largely tracked the move in bitcoin, outperforming modestly and pushing higher after defending support earlier in the week.