LMAX Digital volumes got off to a decent start this week. Total notional volume for Monday came in at $447 million, 6% above 30-day average volume.

Bitcoin volume printed $163 million, 17% below 30-day average volume. Ether volume came in at $118 million, 11% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,870 and average position size for ether at $2,829.

Bitcoin volatility is tracking at the lowest levels of the year, while ETH volatility has been contained since bottoming in May. We’re looking at average daily ranges in bitcoin and ether of $2,522 and $124 respectively.

Things are headed in the wrong direction as the new month and second half of the year gets going. But if historical trends are any indication, we shouldn’t worry about any dips, with the expectation for plenty of demand ahead.

As per our Monday commentary, July is a strong month for bitcoin performance. The other day we talked about bitcoin July performance being above 7% from 2013 to present. If we take a more liquid sample size from 2016 to present, the number is even more impressive at +11.15% in July.

Institutional flows via ETFs remain robust, keeping on chain momentum intact despite what is ultimately nothing more than a period of bullish technical consolidation. Bitcoin is consolidating just off the record high from May, and ETH is consolidating off the June peak.

Meanwhile, macro support continues to underpin crypto sentiment. A softer U.S. dollar, down roughly 10% year to date amid uncertainty around Trump era fiscal stimulus and trade policy, has buoyed risk assets.

On the regulatory and political front, momentum continues to build. The U.S. has codified a Strategic Bitcoin Reserve and eased digital asset rules under the new administration, while stablecoin legislation advances in Congress. In Europe, regulatory clarity through frameworks like MiCA continues to provide a backdrop for institutional adoption.

Finally, corporate adoption of digital assets is entering a new phase. Following the precedent set by firms like Strategy, an increasing number of corporates are formalizing strategies to allocate a portion of treasury reserves into bitcoin as a hedge against currency debasement and to signal innovation.

More recently, Ethereum is emerging as a credible second-tier asset in this context, driven by growing confidence in its network stability, stablecoin adoption, and developments in staking yields. This gradual institutional normalization of ETH alongside BTC marks a meaningful shift in how public and private firms view crypto—not just as a speculative asset class, but as a long-term strategic allocation.