LMAX Digital volumes cooled off on Wednesday. Total notional volume for the day came in at $525 million, 8% below 30-day average volume.

Bitcoin volume printed $204 million, 14% below 30-day average volume. Ether volume came in at $216 million, 2% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,755 and average position size for ether at $3,326.

Bitcoin volatility has been edging higher but continues to consolidate off yearly low levels. Meanwhile, ETH volatility has recently surged to its highest level since December 2021.

We’re looking at average daily ranges in bitcoin and ether of $3,183 and $257 respectively.

Bitcoin has continued to extend its recovery out from the recent corrective dip below $110k.

The bounce reflects renewed optimism around potential Fed easing—fanned in part by political pressure for lower rates—and some healthy technical demand into a previous congestion area.

Ethereum is also holding up well on similar drivers.

Overall, the outlook here remains constructive on the back of accelerated institutional adoption, improving macro conditions, and regulatory tailwinds such as stablecoin legislation and potential staking-enabled ETFs.

Structural demand themes are reinforcing these trends. Sovereign and institutional entities continue to explore crypto as reserve assets, reinforcing broader adoption signals.

At the same time, volatility flashpoints—such as recent forced liquidations—are reminders of underlying fragility, particularly with large bitcoin and ETH option expiries looming.

Traditional markets and geopolitics are shaping sentiment as well. U.S. equity futures are fairly flat as investors await further clarity on the Fed’s policy path.