LMAX Digital volumes held up well overall on Tuesday. Total notional volume came in at $299 million, 14% above 30-day average volume.

Bitcoin volume printed $127 million, on pace with 30-day average volume. Ether volume came in at $106 million, 32% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,455 and average position size for ether at $2,361.

Volatility remains subdued and continues to trend lower. We’re looking at average daily ranges in bitcoin and ether of $2,661 and $107 respectively.

March marked an important shift in tone for crypto markets, offering a reprieve after a deeply challenging start to the year. Bitcoin and ETH both posted gains on the month, with bitcoin snapping a streak of five consecutive monthly declines and ETH breaking a six-month run of losses—an important psychological and technical inflection point.

Price action was particularly constructive when viewed through a cross-asset lens, with crypto advancing against the U.S. Dollar even as equities, gold, and broader FX markets finished the month under pressure. This relative outperformance suggests the asset class may be in the early stages of re-establishing leadership after a prolonged period of underperformance.

Macro and geopolitical dynamics remained central to the narrative, with ongoing war-related tensions and persistent trade uncertainty continuing to cloud the global outlook. At the same time, resilient U.S. economic data pushed back against aggressive Fed easing expectations, reinforcing a still-restrictive policy backdrop.

However, what stands out is crypto’s ability to absorb these headwinds without making fresh lows, pointing to the likelihood that much of the negative macro impulse had already been priced in during prior months. Flows also showed tentative signs of stabilization, with ETF outflows moderating and derivatives positioning normalizing following the forced liquidations seen earlier in the quarter.

On the crypto-native side, the fundamental backdrop remains supportive. Institutional engagement continues to build, infrastructure is steadily maturing, and market participants are becoming more selective, with a clear bias toward higher-quality assets and bitcoin dominance holding firm. Taken together, March may prove to be a transition month—one in which bearish momentum stalled and early signs of accumulation began to emerge.

Looking ahead to April, the focus shifts to whether this stabilization can evolve into a more sustained recovery. The macro backdrop—particularly Fed policy expectations and geopolitical developments—will remain a key driver, while confirmation of renewed inflows and continued orderly market conditions would reinforce a more constructive outlook.

At the same time, evolving regulatory clarity in the U.S.—including ongoing efforts toward a more comprehensive crypto market structure framework—has the potential to remove a key structural overhang for institutional allocators, reinforcing the medium-term case for broader adoption.

With sentiment having reached extreme bearish levels in prior months and many headwinds already absorbed, the balance of risks appears increasingly skewed to the upside as the market continues to carve out a potential cyclical bottom.