LMAX Digital volumes put in an impressive performance across the board on Monday. Total notional volume came in at $395 million, 32% above 30-day average volume.

Bitcoin volume printed $192 million, 28% above 30-day average volume. Ether volume came in at $131 million, 57% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,279 and average position size for ether at $2,511.

Volatility is trying to level out after trending sharply lower since early February. We’re looking at average daily ranges in bitcoin and ether of $2,966 and $123 respectively.

Crypto markets have continued to show notable resilience, extending recent gains. This relative strength stands out particularly against a backdrop of downside pressure in global equities and commodities, suggesting a degree of decoupling. Price action has also been orderly, with dips attracting buyers and volatility remaining contained.

The fact that the crypto market had been so beaten up since October of 2025 and through much of the first quarter of 2026 seems to have left the market looking highly attractive at deeply discounted prices, especially with the medium and longer-term fundamentals continuing to point towards ongoing mainstream and institutional adoption.

ETH has been a notable outperformer, extending its relative gains against bitcoin. This is an encouraging signal from a market health perspective, as ETH outperformance typically reflects a willingness among investors to move further out on the risk curve within crypto.

From a macro standpoint, softer risk appetite in traditional markets appears linked to ongoing uncertainty around global growth, sticky inflation dynamics, and cautious central bank messaging. At the same time, geopolitical tensions and uneven economic data have kept investors defensive.

Against this backdrop, crypto’s ability to hold firm may also reflect its positioning as an alternative asset class with idiosyncratic drivers, including increasing institutional participation and continued infrastructure development.

Looking ahead, the key question will be whether crypto can sustain this relative outperformance if broader risk sentiment deteriorates further. For now, the price action suggests a market that has already absorbed a significant amount of bad news and is beginning to attract strategic accumulation.