LMAX Digital volumes cooled off on Wednesday. Total notional volume for Wednesday came in at $406 million, 14% below 30-day average volume.

Bitcoin volume printed $191 million, 12% below 30-day average volume. Ether volume came in at $121 million, 2% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $10,531 and average position size for ether at $3,276.

Bitcoin volatility continues to be rather subdued, just off recent yearly low levels, while ETH volatility is consolidating after trending up from its yearly low in May. We’re looking at average daily ranges in bitcoin and ether of $2,566 and $124 respectively.

Price action has been rather subdued this week, with both bitcoin and ETH consolidating recent gains. Strong institutional interest continues to bolster the market, with ETF flows looking healthy, signaling sustained demand.

Ethereum’s recent upgrade and changes within the foundation have fueled increased optimism, contributing to ETH’s run of outperformance. At the same time, bitcoin’s low volatility suggests we could see more choppy, sideways trade on that front before the next big breakout.

Traditional markets have been producing mixed signals, with U.S. equities retracting gains after a court ruling reinstated tariffs, introducing uncertainty that may have capped crypto upside.

On the other hand, a weakening U.S. dollar, driven by fiscal challenges and tariff-related pressures, supports global liquidity, providing a favorable backdrop for risk assets like cryptocurrencies.

Overall, institutional inflows and network developments support a bullish outlook, but tariff uncertainty and macro data could drive near-term volatility.

Technically speaking, while bitcoin holds above $100,000 the outlook remains constructive, with dips expected to be bid up as market participants looks to increase exposure.