LMAX Digital volumes were on the softer side on Tuesday. Total notional volume came in at $195 million, 27% below 30-day average volume.

Bitcoin volume printed $114 million, 36% below 30-day average volume. Ether volume came in at $30 million, 27% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,838 and average position size for ether at $1,931.

Volatility remains subdued and continues to track at multi-month lows. We’re looking at average daily ranges in bitcoin and ether of $1,713 and $66 respectively.

Crypto markets continue to show impressive resilience, with bitcoin consolidating just below a key technical breakout area and Ethereum extending its recovery after months of persistent underperformance.

The broader tone remains constructive, particularly given that digital assets have continued to outperform many traditional asset classes over the past month despite a macro backdrop dominated by elevated oil prices, geopolitical uncertainty and a Federal Reserve that is still expected to keep policy restrictive.

Bitcoin is now closing in on the important 15 July high around $67,300, a level that represents the next meaningful hurdle for bulls.

A sustained break above this area would reinforce the view that the corrective phase from the 2025 highs is giving way to a fresh impulsive move, potentially opening the door for a return above the psychologically important $70,000 threshold.

Price action continues to suggest buyers are becoming increasingly comfortable accumulating on dips rather than waiting for deeper retracements.

Ethereum is also quietly building momentum, with attention increasingly shifting toward a sustained move back above $2,000.

After significantly lagging bitcoin for much of the past year, ETH has begun to attract renewed interest as investors look beyond the recent period of weakness and toward improving fundamentals across the broader Ethereum ecosystem.

A decisive recovery above $2,000 would represent an important technical and psychological milestone, potentially encouraging broader participation across higher-beta digital assets.

One of the more encouraging developments has been crypto’s ability to outperform while traditional markets continue to contend with higher Treasury yields, elevated energy prices and escalating tensions in the Middle East.

Rather than acting as a headwind, those macro risks have highlighted the growing maturity of digital assets as an investable asset class.

The fact that bitcoin and Ethereum have strengthened despite conditions that would historically have pressured risk assets suggests institutional demand continues to deepen as investors increasingly view digital assets as a differentiated source of portfolio diversification alongside traditional investments.

From a broader market perspective, the lengthy drawdown from the record highs seen in 2025 appears to have removed much of the speculative excess that previously characterized the market.

With weaker hands largely shaken out, positioning looks considerably healthier heading into what could prove to be the next major leg higher.

As institutional adoption continues to expand, on-chain financial infrastructure matures and technical momentum improves, the medium-term backdrop for crypto remains increasingly constructive, provided bitcoin can confirm a breakout above resistance and Ethereum follows with a sustained recovery through the $2,000 level.