LMAX Digital volumes for Monday were solid overall. Total notional volume came in at $246 million, 13% above 30-day average volume.

Bitcoin volume printed 110 million, 9% above 30-day average volume. Ether volume came in at $63 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 $6,066 and average position size for ether at $2,544.

Volatility continues to trend lower and remains exceptionally subdued. We’re looking at average daily ranges in bitcoin and ether of $2,229 and $94 respectively.

Crypto has traded in a relatively contained fashion over the past 24 hours, with price action more defined by consolidation than conviction as markets continue to digest recent breakout gains.

Bitcoin has held up well as the primary proxy, with the broader tone underpinned by the constructive technical shift established after the break above $76k, while ETH has pulled back after recently breaking above critical resistance at $2,400 and now looks to establish a base for renewed follow-through.

While crypto has lagged the push to fresh highs in equities this week, the broader context remains notable, with both bitcoin and ether still outperforming traditional risk assets on a one-month basis.

That relative strength, combined with the softer performance seen in crypto through late last year and Q1, continues to support the argument for catch-up potential and a broader structural re-rating across the asset class.

Near-term drivers have been less crypto-specific and more macro-led, with markets taking cues from softer dollar dynamics, geopolitical uncertainty and positioning ahead of the Fed decision.

As in broader markets, attention remains centered on whether policymakers deliver a more investor-friendly, dovish-leaning message, with the policy outlook still a key input into liquidity-sensitive assets such as crypto.

Within digital assets, the absence of major new idiosyncratic catalysts has kept focus on technicals and flows, and from that perspective the setup remains constructive rather than fatigued.

Recent consolidation appears more consistent with digestion after breakout than reversal, while steady institutional demand and improving sentiment around broader participation continue to offer support on dips.

Looking ahead, the combination of Fed event risk, geopolitical developments and whether bitcoin and ETH can continue to hold above their respective breakout zones will be central for near-term direction.

The broader bias remains that the market may be in the early stages of a more meaningful bullish structural shift, with scope for crypto to reassert leadership if macro conditions turn incrementally more supportive.