LMAX Digital volumes held up well on Tuesday after a healthy start to the week. Total notional volume for Tuesday came in at $372 million, 54% above 30-day average volume.

Bitcoin volume printed $176 million, 30% above 30-day average volume. Ether volume came in at $85 million, 68% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,796 and average position size for ether at $1,840.

Bitcoin and ETH volatility have been trending sharply lower over the past several weeks. We’re looking at average daily ranges in bitcoin and ether of $2,506 and $112 respectively.

Crypto markets are consolidating a strong start to the year, with bitcoin continuing to serve as the primary stabilizing force across the complex.

Bitcoin is holding comfortably above recent support levels, with pullbacks drawing measured buying interest rather than forced selling, reinforcing the constructive underlying tone.

Bitcoin’s resilience is being supported by an improving macro backdrop, as investors increasingly focus on the prospect of easier global liquidity conditions.

Softer US data and a more dovish tilt from the Federal Reserve are keeping risk sentiment constructive, even as elevated real yields and a still-firm dollar continue to cap upside momentum.

Ethereum has been outperforming in recent sessions, with fundamentals providing clearer support than elsewhere in the complex.

Activity across the Ethereum ecosystem is running at all-time highs, including record throughput and a new peak in stablecoin transfer volumes, pointing to robust on-chain demand.

At the same time, roughly $4.1bn of ETH is currently waiting to be staked, while the validator exit queue remains near zero, reinforcing the tightening effective supply dynamic.

From a cross-asset perspective, crypto is taking its cues from traditional markets, where equities remain near record highs and volatility is compressed.

This backdrop is helping anchor sentiment, even as geopolitical risks linger in the background without triggering meaningful de-risking.

Overall, crypto appears to be in a holding pattern today, with investors waiting for clearer direction from macro data, central bank signals, or a decisive move in bitcoin to define the next phase of price action.

From a technical perspective, bitcoin likely needs to re-establish itself above $95k to ignite a fresh wave of bullish momentum, a level that broadly aligns with ETH trading back above the $3,500 area.