LMAX Digital volumes were impressive on Wednesday amidst Liberation Day volatility. Total notional volume for Wednesday came in at $718 million, 69% above 30-day average volume.

Bitcoin volume printed $442 million on Wednesday, 99% above 30-day average volume. Ether volume came in at $85 million, 7% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,349 and average position size for ether at $2,433.

Bitcoin volatility has fallen back to the lower end of a familiar consolidation range. ETH volatility has gravitated to the lowest levels since November. We’re looking at average daily ranges in bitcoin and ether of $3,376 and $115 respectively.

We’ve long anticipated crypto assets would begin to outperform, especially compared to U.S. equities, and early signs of this may be emerging following President Trump’s pivotal tariff announcement on Wednesday.

While stocks have plunged to new yearly lows in response, bitcoin and ether have held steady within their recent ranges, finding solid support during dips—a resilience that hints at shifting investor sentiment.

For bitcoin, this moment feels like a turning point. We see market participants increasingly drawn to its appeal as a store-of-value asset and a compelling diversification tool amid the uncertainty.

Ethereum’s story differs slightly on the fundamentals front, but we view it as a bellwether for the broader crypto market ex-bitcoin, with investors eager to channel capital into the transformative potential of decentralized finance.

Concerns have surfaced about tariffs impacting bitcoin miners, particularly those reliant on ASIC chips imported from China, which could raise production costs and squeeze profitability.

Yet, many miners source equipment elsewhere, and even for those affected, we’re confident that bitcoin’s anticipated price gains will far outweigh any tariff-related headwinds, keeping the bullish case intact.