LMAX Digital volumes were up across the board again on Tuesday. Total notional volume came in at $364 million, 20% above 30-day average volume.

Bitcoin volume printed $175 million, 14% above 30-day average volume. Ether volume came in at $112 million, 34% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,349 and average position size for ether at $2,523.

Volatility has leveled out after trending sharply lower since early February. We’re looking at average daily ranges in bitcoin and ether of $3,251 and $124 respectively.

The crypto market has spent the past 24 hours trading in consolidation mode, with bitcoin continuing to serve as the primary barometer for broader digital asset sentiment.

Price action has been relatively contained, though there are early signs of demand attempting to re-emerge after an extended stretch of weakness that dates back to October. For now, the market appears to be stabilizing as participants assess macro developments and positioning ahead of key economic catalysts.

From a technical perspective, the immediate level to watch is last week’s bitcoin high at $74,100. A sustained break above this level would reinforce the case for a renewed momentum push toward the $80,000 area.

Such a move would likely encourage broader participation across the crypto complex, with ether expected to benefit as well, particularly if it can clear its own key resistance zone around $2,200, which would signal a more meaningful shift in short-term sentiment.

One notable development in recent sessions has been the crypto market’s relative resilience compared with traditional risk assets, particularly equities. This has helped support the narrative that the asset class may be regaining some traction within global portfolios.

Additionally, over the past 30 days, both bitcoin and ether have also climbed into the ranks of the top-performing major assets, outperforming several traditional benchmarks including gold, equities, and liquid FX.

That said, macro drivers remain highly influential. Ongoing geopolitical tensions and developments across global markets continue to shape overall risk appetite, while today’s US CPI release is expected to be the dominant near-term catalyst.

A softer-than-expected inflation print would likely encourage a broader risk-on response, potentially fueling additional demand for crypto assets as expectations for Fed rate cuts increase and the US dollar loses some relative appeal.

Conversely, a hotter CPI outcome could reinforce higher-for-longer rate expectations and invite renewed pressure across risk assets.

In that scenario, crypto markets would likely remain confined to the familiar consolidation range seen in recent weeks, with traders continuing to look for a decisive macro catalyst capable of driving the next directional move.