LMAX Digital volumes have been on the thinner side, largely on account of the shortened US holiday trading week.

Total notional volume for Wednesday came in at $396 million, 34% below 30-day average volume.

Bitcoin volume printed $241 million, 29% below 30-day average volume. Ether volume came in at $80 million, 46% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,332 and average position size for ether at $2,765.

Bitcoin and ETH volatility has been in cool down mode off recent multi-month highs. We’re looking at average daily ranges in bitcoin and ether of $4,035 and $197 respectively.

The crypto market is gaining some momentum, with bitcoin leading the move as it climbs back into a more stable trading range after recent volatility. The shift reflects a modest improvement in risk appetite, helped by clearer positioning and thinner liquidity around the U.S. holiday period.

ETH follows the broader tone, holding above key psychological levels as flows stabilize and leveraged pressures ease.

Price action is driven by a blend of improving sentiment and steady macro tailwinds. Expectations for near-term Fed easing continue to underpin digital assets, encouraging traders to rotate selectively back into high-beta expressions after last week’s shakeout.

Market depth remains light, but the absence of fresh negative catalysts is allowing spot buyers to re-engage, giving crypto a tactical bid.

Within the crypto ecosystem, attention stays on exchange flows and ETF activity, both of which show early signs of stabilization. On-chain data points to renewed accumulation by smaller holders, while miners’ selling pressure appears to be moderating.

Rotation into large-cap tokens persists, with ETH outperforming most altcoins as investors favor liquidity and established networks over speculative plays.

Developments in traditional markets add further support. Softer U.S. yields, steady equity markets, and quieter geopolitical conditions are creating a backdrop encouraging incremental risk-taking, even if overall conviction is still muted.

The U.S. market holiday is indeed dampening volumes but is also reducing volatility, giving crypto prices room to consolidate.

Overall, the tone in digital assets is improving but remains cautious. For the moment, the rebound in bitcoin and ETH looks more like stabilization than a confirmed trend shift, as markets stay sensitive to macro headlines, dollar moves, and liquidity dynamics.

With key data releases on the horizon, the next leg will likely depend on whether macro conditions remain supportive and whether crypto attracts sustained inflows once full market participation returns.