LMAX Digital volumes cooled off from Monday’s robust levels but were still healthy overall. Total notional volume for Tuesday came in at $561 million, 39% above 30-day average volume.

Bitcoin volume printed $208 million, 3% above 30-day average volume. Ether volume came in at $140 million, 58% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,142 and average position size for ether at $1,932.

Bitcoin volatility is still tracking just off recent yearly lows, while ETH volatility has been surging, nearly doubling since bottoming out earlier this month. We’re looking at average daily ranges in bitcoin and ether of $2,812 and $150 respectively.

The cryptocurrency market has maintained its bullish trajectory over the past 24 hours, driven by a confluence of macroeconomic tailwinds, institutional momentum, and token-specific catalysts.

ETH performance has been having a major impact on overall sentiment as it builds on its jaw dropping 65% 30-day gain, boosted by the recently implemented Pectra upgrade, which enhances network scalability and DeFi efficiency.

The relative strength in the price of ETH is also encouraging market participants as it signals a decline in bitcoin dominance, reflecting healthy appetite for the broader ecosystem and a desire to take on exposure beyond bitcoin.

Meanwhile, institutional adoption remains a cornerstone of market strength. Bitcoin ETFs continue to attract sizable inflows, while the news of Coinbase’s inclusion in the S&P 5000 further bolsters confidence, highlighting the asset class’s integration into mainstream finance.

Macroeconomic conditions have also provided a supportive backdrop, with cooling inflation and expectations of looser U.S. Federal Reserve policy driving risk appetite. This accompanies favorable political developments, including reduced stress around global trade.

Technically speaking, the focus for now is on bitcoin support holding at $100k for a push to retest and break the record high from earlier this year. As per our insights, beyond $100k will open a measured move upside extension targeting $145k