LMAX Digital volumes got off to a strong start this week. Total notional volume for Monday came in at $398 million, 107% above 30-day average volume.

Breaking it down per coin, bitcoin volume came in at $172 million, 75% above 30-day average volume. Ether volume came in at $70 million, 125% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,357 and average position size for ether at $1,431.

Volatility has risen sharply following the market’s breakout from an extended period of subdued trading. We’re looking at average daily ranges in bitcoin and ether of $2,286 and $94 respectively.

Bitcoin has extended its impressive resurgence above $80,000 for the first time since May, driven by lower Treasury yields, an improving liquidity backdrop, renewed institutional demand and a decisive technical breakout.

Treasury plans to expand long-dated bond buybacks have been particularly supportive, reinforcing the perception of a policy backstop for liquidity-sensitive assets.

Crypto-specific flows have strengthened the move, with US spot Bitcoin ETFs attracting nearly $2 billion over five consecutive inflow sessions following an extended period of weaker demand.

The recovery has also been amplified by short covering and improving momentum, with Bitcoin now up roughly 27% over the past month.

Regulatory optimism has provided another important tailwind after President Trump renewed pressure on Congress to advance the CLARITY Act.

While the legislation still faces political obstacles, the combination of White House support and continued SEC and CFTC rulemaking has encouraged expectations that a clearer US market structure framework is finally moving closer.

Ether has participated strongly and recently traded around $2,500, supported by renewed spot ETF inflows, short covering and improving confidence across the broader digital-asset complex.

ETH has outperformed Bitcoin during parts of the rebound, a constructive signal for market breadth, although the speed of the advance leaves both assets vulnerable to short-term consolidation.

The resurgence is particularly notable against a backdrop of growing concern over currency depreciation and the long-term purchasing power of fiat money, with the recent broad-based weakness in the US dollar reinforcing Bitcoin’s appeal as a scarce alternative asset.

Bitcoin’s ability to recover repeatedly from extreme setbacks and re-emerge with the potential to reach fresh record highs is also strengthening its credibility among traditional investors, gradually turning skepticism into belief in its role as a long-term store of value.

From our point of view, the more important Bitcoin level is the May 2026 high at $82,820.

A clear break above that level would reinforce the view that a meaningful cycle low is now in place and shift attention towards the next major move through $100,000 and, ultimately, the 2025 record high.

In the near term, US PCE inflation and Fed Chair Warsh’s Jackson Hole address represent the main macro risks.

Escalating pressure on Iran and volatility in oil and Treasury yields could also challenge the improving risk backdrop.