LMAX Digital volumes got off to a light start this week. Total notional volume for Monday came in at $343 million, 48% below 30-day average volume.

Bitcoin volume printed $147 million on Monday, 55% below 30-day average volume. Ether volume came in at $53 million, 46% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $10,557 and average position size for ether at $2,564.

Market volatility has been cooling off since peaking out the other week. We’re looking at average daily ranges in bitcoin and ether of $3,905 and $206 respectively.

Market conditions have been relatively quiet, though we are starting to see signs of some movement. While bitcoin remains confined to a choppy bullish consolidation, ETH is starting to turn back up after a period of underperformance.

ETH looks to be trying to establish some bullish momentum and could be looking to finally make a recovery back above $3,000. Sentiment towards the world’s second largest crypto asset has been back on the rise with many medium and longer-term players stepping in to take advantage of the recent dip.

It’s worth taking a closer look at the ETHBTC ratio for added insight. This is a ratio that has been in a steady downtrend since 2022 and perhaps overdue for a healthy recovery. Look for a break in the ETHBTC rate back above the February 6 high to strengthen the case for recovery.

As far as positive headlines go, Strategy (formerly MicroStrategy) is back at it, resuming bitcoin purchases, acquiring another 7,633 bitcoin. The company holds about $46 billion worth of bitcoin.

The market has also been looking forward to the launch of additional ETFs. Recent speculation suggests decent odds of XRP, Solana, Dogecoin, and Litecoin ETFs getting approved in the days ahead.