LMAX Digital volumes for Tuesday pulled back from Monday’s impressive performance. Total notional volume came in at $207 million, 6% below 30-day average volume.

Bitcoin volume printed $107 million, on pace with 30-day average volume. Ether volume came in at $54 million, 9% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,762 and average position size for ether at $2,675.

Volatility continues to trend lower and remains exceptionally subdued. We’re looking at average daily ranges in bitcoin and ether of $2,096 and $81 respectively.

Crypto is trading with a firmer tone, led by bitcoin holding above the key $80,000 area and edging higher as fresh ETF inflows, a softer dollar backdrop, and improved risk sentiment help absorb bouts of volatility.

Market positioning also looks healthier, with bitcoin continuing to act as the main proxy for the asset class.

On the crypto-native side, the market is getting support from renewed demand for spot bitcoin exposure and a selective bid in altcoins, with some of the strongest moves still concentrated in higher-beta names rather than broad-based participation.

Ethereum is steadier than bitcoin, but still constructive, benefiting from the same risk-on impulse even as it lags bitcoin in directional leadership.

Traditional market drivers are certainly helping via a calmer geopolitical tone and easier trade tensions, but we are also seeing more and more signs of relative strength in bitcoin, which is still able to hold a bid even when broader risk appetite fades.

This suggests bitcoin is not just tracking macro moves mechanically; it is also showing enough underlying demand to absorb risk-off pressure, while increasingly being recognized as a store of value.

For ETH specifically, the main support is coming from improving capital flows rather than a single catalyst.

ETH is still trading as a second-order expression of the same macro backdrop, so relative performance depends on whether the market starts favoring network utility and on-chain activity over pure reserve-asset demand.

It would be encouraging to see Ethereum finally break out and establish itself above $2,400, starting to outperform bitcoin, as that would signal appetite across the asset class is ramping up decisively.