LMAX Digital volumes were impressive on Monday. Total notional volume came in at $371 million, 71% above 30-day average volume.

Bitcoin volume printed $179 million, 66% above 30-day average volume. Ether volume came in at $82 million, 58% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,270 and average position size for ether at $2,083.

Volatility sits at multi-month lows but is showing signs of wanting to bottom out. We’re looking at average daily ranges in bitcoin and ether of $2,028 and $79 respectively.

Crypto markets are attempting to stabilize after another technically important pullback, with both bitcoin and ETH successfully testing key support zones on Monday. For bitcoin, the retracement brought price back toward the $76k area, a former breakout level that now looks to be acting as formidable support.

For ETH, the pullback coincided with a successful test of rising trend-line support from the yearly low. The broader technical structure remains constructive, and if both assets can recover from here, it could mark the beginning of a far more meaningful upside phase into the second half of the year.

The immediate focus now shifts to reclaiming near-term resistance levels, with bitcoin needing to break back above $78k and ETH above $2,200 to confirm renewed bullish momentum. A sustained move higher would likely open the door for bitcoin to challenge the $100k threshold once again.

Perhaps more importantly, ETH could finally begin to meaningfully outperform if it establishes above the major $2,400 resistance barrier that has capped rallies for much of the cycle. Despite the recovery off the lows, both BTC and ETH remain notably behind broader risk assets on a year-to-date basis, reinforcing the view that crypto may still have room to play catch-up.

From a macro perspective, the backdrop is becoming increasingly supportive for digital assets. Investors continue to debate the sustainability of elevated US equity valuations, while structurally low US dollar reserve balances and expectations for greater regulatory clarity are strengthening the long-term diversification case for crypto exposure.

Markets are also increasingly focused on the possibility of capital rotation away from traditional assets and toward alternative stores of value and high-growth emerging asset classes, particularly if global liquidity conditions improve later in the year.

Within crypto itself, institutional adoption and on-chain conviction continue to build beneath the surface. BitMine expanded its ETH treasury holdings to more than 5.2 million ETH worth roughly $11.6 billion, now controlling over 4% of circulating supply, underscoring growing corporate appetite for Ethereum exposure.

At the same time, tokenized real-world assets have surged to nearly $31.4 billion, up roughly fivefold since the start of 2025, highlighting continued momentum around blockchain-based financial infrastructure. Ethereum staking participation also continues to rise despite recent price underperformance, signaling longer-term investor confidence in the network.

On the regulatory front, the tone also remains constructive. Minnesota became the latest US state to authorize banks and credit unions to offer crypto custody services, another incremental step toward deeper integration between traditional finance and digital assets.

Combined with improving institutional participation and increasingly resilient market structure, the broader setup suggests crypto markets may be approaching a potentially important inflection point heading deeper into the year.