LMAX Digital volumes cooled off on Wednesday. Total notional volume came in at $283 million, 6% below 30-day average volume.

Bitcoin volume printed $162 million, 6% above 30-day average volume. Ether volume came in at $70 million, 15% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,282 and average position size for ether at $2,515.

Volatility has leveled out after trending sharply lower since early February. We’re looking at average daily ranges in bitcoin and ether of $3,204 and $121 respectively.

The crypto market continues to hold up well, with bitcoin continuing to act as the primary directional proxy. Price action has been characterized by modest gains and steady demand on dips, with the market broadly digesting recent advances after a period of consolidation.

While volatility remains contained for the moment, the underlying tone suggests participants are increasingly positioning for a potential upside break.

We continue to see signs of the market wanting to break out to the topside, finally out of a consolidation after several months of intense decline. Prices continue to test and exceed the top of the range before settling back into the consolidation zone, though there is a real sense that a surge could be forthcoming.

Using bitcoin as the proxy for direction in crypto assets, we will need to see a break above last week’s high at $74,100 to strengthen the bullish prospect.

Another encouraging development has been the relative resilience of crypto assets compared with equities. That dynamic had been notably absent since October, with digital assets largely tracking the direction of broader risk markets.

More recently however, crypto has shown signs of decoupling at the margin, managing to hold firm even as equity markets have faced intermittent pressure.

From a macro perspective, the market has also absorbed external developments reasonably well. Crypto assets held up in the aftermath of Wednesday’s widely anticipated US inflation release, which largely met expectations and avoided triggering a material shift in interest rate pricing.

At the same time, ongoing geopolitical tensions have so far failed to derail the constructive tone across digital assets.

Within the crypto ecosystem itself, flows remain broadly supportive. Institutional participation continues to underpin sentiment, while market participants are increasingly focused on the prospect that renewed momentum in bitcoin could catalyze broader participation across the digital asset space.

For now, the market remains range-bound, but the combination of improving technical structure and resilient macro response suggests the balance of risks is beginning to tilt to the topside.

Special Update: Canton Coin ($CC) is now live on LMAX Digital for spot trading against USD. $CC is the native utility token of the Canton Network, a public, permissionless blockchain purpose-built for institutional finance, designed to combine privacy, compliance and scalability. Available to all institutional clients of LMAX Digital, providing the gateway for fiat on/off ramps to Canton Coin and the Canton blockchain ecosystem.