LMAX Digital volumes cooled off on Wednesday after an impressive Tuesday performance. Total notional volume came in at $459 million, 16% below 30-day average volume.

Bitcoin volume printed $267 million, 17% below 30-day average volume. Ether volume came in at $100 million, 22% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,038 and average position size for ether at $2,367.

Volatility has come down a bit since trading to multi-month highs in October. We’re looking at average daily ranges in bitcoin and ether of $3,742 and $185 respectively.

Bitcoin is doing its best to hold onto the recent wave of positive momentum, trading firmer as markets digest a combination of lighter macro anxiety and renewed risk appetite.

Volumes are elevated compared with the prior week, suggesting investors are re-engaging after sidelined positioning.

Perhaps an even more positive sign is the fact that ETH has been outperforming in recent sessions. The rotation into ETH is significant, as it signals renewed interest in the broader asset class rather than a rally driven solely by bitcoin.

In the crypto-specific landscape, investors are focused on network activity metrics, ETF inflow trends, and the continued buildout of institutional infrastructure.

Stablecoin flows are turning positive again, helping support liquidity across majors. Meanwhile, sentiment around layer-2 ecosystems is constructive, adding incremental tailwinds to ETH’s narrative.

Traditional markets are providing a favorable backdrop: expectations of a more accommodative central-bank stance are weighing on real yields and boosting demand for risk assets broadly.

Equities are trading with a firmer tone, and volatility measures remain contained, encouraging cross-asset allocation into higher-beta exposures like crypto.

Geopolitically, markets remain sensitive to any signals that could challenge the current risk-on mood — from U.S.–China trade rhetoric to developments in the Middle East and Europe. For now, none of these appear to be derailing sentiment, but they remain key watchpoints.

Overall, crypto is trading with a constructive bias, though investors remain alert to how quickly macro conditions can shift.