LMAX Digital volumes were light across the board on Tuesday. Total notional volume for Tuesday came in at $265 million, 43% below 30-day average volume.

Bitcoin volume printed $89 million, 63% below 30-day average volume. Ether volume came in at $82 million, 3% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,310 and average position size for ether at $1,733.

Volatility has calmed down over the past several days and is now trading at the lowest levels of the year. We’re looking at average daily ranges in bitcoin and ether of $2,825 and $95 respectively.

We suspect there could be a resurgence in demand for ETH in the near future. Ethereum, the world’s second-largest cryptocurrency, has significantly underperformed in 2025, declining 46% year-to-date against the US dollar, compared to Bitcoin’s modest 1.5% gain.

However, several headwinds facing Ethereum appear to be subsiding. The asset took a significant hit in Q1 due to global market turmoil, driven by uncertainty around US trade policies and tariffs.

Unlike Bitcoin, ETH’s value is more directly tied to risk appetite in traditional markets, reflecting its role as a hub for innovation in the world of smart contracts and decentralized finance (DeFi).

Ethereum also faced internal challenges, including debates over the Ethereum Foundation’s direction and increasing competition from alternative blockchains.

Yet, recent developments suggest a brighter outlook. Trade tensions may have peaked, the Ethereum Foundation has provided clearer guidance on its roadmap, and Ethereum continues to attract significant adoption in the blockchain space.

Most notably, BlackRock has filed with the SEC to offer “DLT Shares” (Distributed Ledger Technology Shares) for its $150 billion Treasury Trust Fund, one of its largest money-market funds.

Given BlackRock’s prior use of Ethereum for its BUIDL fund and Ethereum’s 56% market share in real-world asset (RWA) tokenization, it’s highly likely this initiative will leverage Ethereum’s blockchain. If confirmed, this move could drive further institutional adoption, boost network activity, and solidify Ethereum’s dominance in RWA tokenization.