LMAX Digital volumes cooled off on Tuesday. Total notional volume for Tuesday came in at $297 million, 28% below 30-day average volume.

Bitcoin volume printed $161 million, 16% below 30-day average volume. Ether volume came in at $75 million, 27% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,818 and average position size for ether at $2,939.

Bitcoin volatility is tracking at its lowest levels of the year, while ETH volatility has been contained since bottoming in May. We’re looking at average daily ranges in bitcoin and ether of $2,322 and $115 respectively.

Bitcoin has traded largely unchanged over the past 24 hours, despite rising US yields and geopolitical noise. Price action remains confined, yet constructive, with demand underpinned by institutional flows and a broader bid for risk assets.

ETH is also holding up well above key support levels and continues to attract steady demand from long-only institutional allocators, focused on its future role in tokenization and settlement layers.

Traders are now in wait-and-see mode ahead of today’s Fed Minutes and next week’s US inflation data, which could inject volatility into macro-sensitive assets.

A major European bank survey relating to crypto adoption has been getting some attention as it provides timely insight into the evolving demand landscape.

The US remains the clear leader in retail crypto adoption, with activity accelerating post-Trump election win. The UK registered the largest jump in H1 2025, led by high-income earners, while EU adoption has stagnated—now lagging both Anglo markets.

Younger, wealthier consumers remain the dominant cohort globally, and the survey finds male respondents more likely to hold crypto and claim higher understanding of it. Still, despite improving familiarity, lack of understanding and perceived risk remain the top barriers to broader participation.

Policy remains a key driver of sentiment. Comments from US officials around potential FX interventions and crypto-aligned tariffs—especially on copper—have fueled expectations of Bitcoin playing an increasingly strategic role in broader trade and reserve frameworks.

Meanwhile, institutional treasuries remain active participants, as companies and even sovereigns explore digital assets as a hedge or capital lever, particularly amid ongoing fiat credibility concerns in select EM regions.