LMAX Digital volumes for Monday were solid overall. Total notional volume came in at $224 million, 2% above 30-day average volume.

Bitcoin volume printed just $57 million, 42% below 30-day average volume. Ether volume came in at $89 million, 30% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,591 and average position size for ether at $2,473.

Volatility has leveled out in recent sessions but remains subdued overall. We’re looking at average daily ranges in bitcoin and ether of $2,454 and $104 respectively.

The crypto market has remained resilient over the past 24 hours, with bitcoin continuing to act as a stable anchor near recent highs and ETH tracking closely alongside.

Price action has been characterized by consistent dip-buying, suggesting that market participants are growing more confident in the near-term outlook, even as broader macro risks remain present. This resilience points to a shift in sentiment after an extended period of caution.

A key driver has been a modest easing in perceived geopolitical risk, with markets increasingly leaning toward the view that tensions—particularly around the Middle East—will not spiral into a more disruptive scenario.

This has helped stabilize risk appetite across asset classes and indirectly supported crypto demand. At the same time, the US dollar has struggled to build sustained upside momentum, offering an additional tailwind for digital assets.

Within crypto, the market has largely shrugged off recent DeFi-related exploits, which under different conditions might have triggered sharper downside.

The contained reaction reflects a growing distinction between protocol-specific vulnerabilities and the broader asset class, with investors viewing these incidents as isolated and avoidable rather than systemic threats.

This evolving perception has helped maintain underlying confidence.

From a technical perspective, both bitcoin and ETH are showing signs of a constructive shift, having recently challenged and, in some cases, broken through key resistance levels.

Momentum indicators are beginning to turn more favorable, reinforcing the idea that the market may be transitioning out of a prolonged consolidation phase.

This is particularly notable given that sentiment surveys still point to relatively subdued positioning.

Looking ahead, the medium-term backdrop remains supportive, with improving regulatory clarity, ongoing institutional interest, and a perception that crypto assets are still trading at discounted levels relative to their longer-term potential.

If macro conditions remain stable and risk sentiment continues to recover, the stage appears set for further upside, with crypto potentially positioned to outperform after lagging in previous quarters.