LMAX Digital volumes for Monday were healthy overall. Total notional volume came in at $378 million, 74% above 30-day average volume.

Bitcoin volume printed $272 million, 182% above 30-day average volume. Ether volume came in at $44 million, 38% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,185 and average position size for ether at $2,493.

Volatility remains subdued but is showing signs of wanting to turn back up. We’re looking at average daily ranges in bitcoin and ether of $2,471 and $109 respectively.

Crypto markets have traded with a more constructive tone, underpinned by a gradual improvement in risk sentiment and a softer US dollar backdrop, both of which have helped support demand for digital assets.

Bitcoin continues to act as the primary macro proxy, edging closer to key resistance levels, while broader market participation has picked up, pointing to a healthier underlying bid across the asset class.

At the same time, easing geopolitical tensions and a modest pullback in oil prices have contributed to a more stable cross-asset environment, allowing crypto to regain some traction alongside other risk-sensitive assets.

A notable development has been Ethereum taking the lead, with the asset breaking above its March highs and signaling the potential formation of a more durable base.

This shift is particularly important from a macro perspective, as ETH tends to be more sensitive to changes in global risk appetite, and its relative outperformance suggests a rotation into higher beta segments of the crypto market.

While confirmation is still needed—specifically a sustained move above the $2,400 level on a weekly closing basis—the early price action is encouraging and points to the possibility of a broader expansion in crypto demand beyond bitcoin.

Bitcoin, meanwhile, remains just below a critical resistance zone around $76,000, with price action suggesting mounting upside pressure.

A decisive break above this level would likely mark a meaningful structural shift and could act as a catalyst for renewed inflows, particularly from macro-driven participants.

Until then, the market remains in a transitional phase, with positioning gradually improving but still lacking full conviction from a breakout perspective.

From a macro standpoint, traditional market dynamics continue to play an important role, with declining US yields and a weaker dollar helping to support valuations across risk assets, including crypto.

At the same time, evolving expectations around central bank policy—particularly in the US—remain a key variable, with upcoming inflation data and Fed communication likely to influence near-term direction.

Geopolitical developments have also been in focus, with tentative optimism around Middle East diplomacy helping to stabilize sentiment, though headline risk remains an ongoing consideration.

Overall, the past 24 hours reflect a market that is beginning to show signs of re-engagement, with improving technicals, broader participation, and supportive macro conditions aligning more constructively.

The key near-term test will be whether bitcoin can clear resistance and whether ETH can sustain its breakout, as these developments would go a long way in determining whether the current recovery evolves into a more durable bullish phase.