LMAX Digital volumes lightened up on Wednesday. Total notional volume for Wednesday came in at $538 million, 11% below 30-day average volume.

Bitcoin volume printed $260 million, 8% below 30-day average volume. Ether volume came in at $124 million, 21% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $12,728 and average position size for ether at $3,049.

Bitcoin volatility continues to track just off yearly low levels. ETH volatility has picked up and has recently pushed to its highest levels since March.

We’re looking at average daily ranges in bitcoin and ether of $2,665 and $161 respectively.

Bitcoin continues to trade in a tight range following the Federal Reserve’s decision to hold rates steady. While the Fed maintained a cautious tone, the absence of a clear timeline for rate cuts has slightly dampened risk appetite.

That said, the White House’s constructive stance on digital asset innovation—combined with strong tech earnings and renewed demand for equities—has helped offset the drag from the Fed’s less accommodative messaging.

ETH remains the standout performer. As month-end approaches, ETH is up over 50% in July, while Bitcoin has posted a more modest 9% gain.

ETF-driven flows continue to favor ETH, with institutional demand building around its role in multi-asset crypto exposure, particularly amid a more supportive regulatory backdrop.

Technically, Bitcoin is consolidating just off its recent record highs and remains well supported on dips toward $115,000.

Meanwhile, ETH is tracking just below yearly highs and is pressing to break through $4,000, with the next key resistance at the 2024 high of $4,110—beyond which lies the 2021 all-time high near $4,870.