LMAX Digital volumes cooled off from Monday’s strong performance but managed to hold up well overall. Total notional volume for Tuesday came in at $525 million, 20% above 30-day average volume.

Bitcoin volume printed $256 million on Tuesday, 15% above 30-day average volume. Ether volume came in at $68 million, 11% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,054 and average position size for ether at $2,560.

Bitcoin and ETH volatility is trending up over the past few sessions. We’re looking at average daily ranges in bitcoin and ether of $3,752 and $130 respectively.

There’s no denying that cryptocurrency markets have faced pressure amid a broader global market downturn, driven by escalating trade war tensions. Financial markets are currently experiencing a strong risk-off shift, and with crypto still viewed by many as an emerging asset class, it’s inevitably caught up in the global fallout.

Yet, a silver lining stands out: bitcoin has outperformed US equities in recent sessions. While stocks have slumped to fresh yearly lows, bitcoin has resisted following suit, avoiding a drop to its own annual bottom. Instead, it continues to find solid support near $74,000 on pullbacks.

This resilience, we believe, reflects a maturing asset class. Investors are increasingly waking up to bitcoin’s underlying value proposition, particularly its allure as a hedge during times of global market turbulence.

Strategically, we wouldn’t rule out further downside, potentially toward $70,000. That said, bitcoin’s robust network effects and growing institutional backing should make it highly attractive on dips from current levels.

Looking ahead, there’s tentative hope that the worst of the trade tariff fears may be subsiding. President Trump’s recent hints at deals with South Korea and Japan suggest a possible pivot to a more negotiable stance, though the outcome with China remains uncertain.

Meanwhile, volatility could spike later today with the release of the Fed Minutes. Any hint of the Federal Reserve leaning toward a more accommodative policy track would likely be a welcome boost for markets, including crypto. For now, bitcoin’s relative strength amid the storm highlights its evolving role in the investment landscape.