LMAX Digital volumes put in a solid performance on Monday. Total notional volume came in at $318 million, 11% above 30-day average volume.

Bitcoin volume printed $136 million, 2% below 30-day average volume. Ether volume came in at $96 million, 12% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,874 and average position size for ether at $2,514.

Volatility has been subdued. We’re looking at average daily ranges in bitcoin and ether of $2,866 and $119 respectively.

Crypto markets staged an impressive turnaround over the past 24 hours, with bitcoin reclaiming the $70k handle after a volatile weekend drawdown. The move reflects a classic “risk-on snapback,” with prices rebounding from forced liquidations and positioning washouts that had briefly pushed bitcoin below key technical support.

Broader market participation confirmed the shift, with the total crypto market cap rising sharply and trading volumes accelerating, underscoring renewed conviction behind the bid.

The dominant near-term catalyst has been geopolitical rather than crypto-specific. A de-escalation signal out of the Middle East — specifically a pause in U.S. military action toward Iran — helped calm global risk sentiment and triggered a synchronized rally across equities, crypto, and other high-beta assets.

From a cross-asset perspective, the price action was reinforced by a sharp reversal in traditional safe havens. Oil and gold sold off meaningfully as geopolitical risk premium was unwound, while equity futures moved higher, creating a supportive backdrop for crypto inflows.

This rotation out of defensive assets and into growth-sensitive exposures has been a key driver of the latest rebound, aligning crypto more closely with broader macro positioning than with idiosyncratic blockchain narratives in this cycle.

Within crypto, the rally has been broad-based, with ETH outperforming on the back of improving sentiment and positioning reset dynamics. Market internals suggest a healthier structure, with evidence of short covering, rising volumes, and continued institutional engagement via ETF flows and large holder accumulation helping to underpin prices.

This combination points to a market that is rebuilding momentum after last week’s macro-driven shakeout rather than entering a late-cycle exhaustion phase.

Looking ahead, the tone remains cautiously constructive. While macro drivers — particularly geopolitics and central bank expectations — will continue to dominate near-term direction, the resilience shown in this rebound reinforces the idea that dips are being absorbed.

As long as global risk sentiment remains supported and flows continue to stabilize, bitcoin appears well-positioned for further upside, with ETH likely to follow, keeping the balance of risk looking constructive.