LMAX Digital volumes were flat at the start of the week, reflecting ongoing thin liquidity amid holiday trading conditions. Total notional volume for Monday came in at $283 million, on pace with 30-day average volume.

Bitcoin volume printed $165 million, 2% above 30-day average volume. Ether volume came in at $49 million, 23% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,081 and average position size for ether at $2,201.

Bitcoin and ETH volatility have been trending sharply lower over the past several weeks. We’re looking at average daily ranges in bitcoin and ether of $2,667 and $128 respectively.

Bitcoin continues to trade as the primary barometer for the digital asset complex, with recent price action better characterized as consolidation rather than outright weakness. After a volatile stretch, bitcoin has stabilized as investors recalibrate positioning.

While near-term momentum remains sensitive to macro signals, downside has been relatively contained. This price behavior suggests growing confidence in the durability of the current cycle, even as participants remain selective and disciplined in risk-taking.

Institutional participation remains a key positive driver, reinforcing bitcoin’s role as a strategic asset rather than a purely speculative one. Capital allocation through regulated vehicles and corporate balance sheets continues to underpin the market’s longer-term foundation.

Notably, Strategy has once again added to its bitcoin holdings, underscoring its long-standing conviction in bitcoin as a treasury reserve asset. At the same time, Bitmine has disclosed recent purchases focused on Ethereum, highlighting that institutional-style accumulation is extending beyond bitcoin.

The longer-term Ethereum narrative tied to smart contracts, tokenization, and institutional use cases remains intact. A renewed rotation into higher-beta assets could see ETH begin to close the performance gap, particularly if ecosystem activity stabilizes.

Macro catalysts are especially front-of-mind today as markets digest the latest Fed Minutes, where any nuance around policy outlook, inflation expectations, or rate path guidance could spark intraday volatility. Crypto, with its elevated beta to risk assets, may well see amplified swings if the Minutes reveal a more hawkish or dovish tilt than priced in.