LMAX Digital volumes were relatively flat on Tuesday. Total notional volume came in at $384 million, 1% below 30-day average volume.

Bitcoin volume printed $199 million, 6% below 30-day average volume. Ether volume came in at $87 million, 3% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,680 and average position size for ether at $2,416.

Volatility has cooled off in recent sessions after rallying from January lows. We’re looking at average daily ranges in bitcoin and ether of $4,167 and $175 respectively.

Over the past 24 hours, bitcoin has traded with a softer tone, consolidating after recent gains as momentum cooled and volumes thinned.

Price action has remained relatively contained, with dips attracting some demand but lacking strong follow-through, reinforcing the view that the market is in a short-term digestion phase.

Ethereum has broadly tracked bitcoin’s moves, underperforming marginally as relative strength in ETH has faded following its earlier outperformance.

From a crypto-specific perspective, there were no major protocol or regulatory headlines to drive sustained directional moves, leaving positioning and flows as the dominant factors.

Derivatives markets continue to show elevated sensitivity, with modest long liquidation during intraday pullbacks but no evidence of disorderly deleveraging.

ETF-related flows into bitcoin remain constructive at the margin, helping to cushion downside, though they have not been sufficient to reignite upside momentum in the near term.

Broader risk sentiment from traditional markets has been mixed, feeding through into digital assets.

Equity markets have traded cautiously as investors reassess the outlook for growth and inflation, while U.S. rates have remained range-bound, limiting clear macro signals.

Bitcoin’s correlation with risk assets remains evident, with traders reluctant to add exposure ahead of key macro data and central bank commentary.

Geopolitically, ongoing uncertainty around global conflicts and trade dynamics continues to underpin a defensive bias across markets, though without triggering a sharp risk-off move.

In this environment, bitcoin continues to straddle its dual role as both a high-beta risk asset and a longer-term alternative store of value, resulting in choppy, two-way price action.

Overall, the near-term backdrop points to consolidation rather than trend, with both bitcoin and ETH likely to remain sensitive to shifts in macro expectations and liquidity conditions.

Absent a clear catalyst, markets appear inclined to trade ranges, with volatility driven more by positioning adjustments than fresh fundamental news.