LMAX Digital volumes were lighter overall on Wednesday. Total notional volume for Wednesday came in at $377 million, 43% below 30-day average volume.

Bitcoin volume printed $177 million on Wednesday, 46% below 30-day average volume. Ether volume came in at $52 million, 47% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $10,592 and average position size for ether at $2,531.

Market volatility remains elevated and is tracking just off peak levels. We’re looking at average daily ranges in bitcoin and ether of $3,965 and $207 respectively.

The bitcoin chart continues to reflect calm in the market as the price consolidates above $90k. Bitcoin has done a formidable job absorbing downside pressure from US tariff risk and the latest hotter than expected US inflation data.

It’s possible the extent of Dollar bullishness from US tariffs and the trajectory of inflation could already be well priced in, leaving the balance of risk leaning in favor of crypto assets overall.

We’ve certainly seen evidence of this in the ETHBTC ratio, where there are signs of ETH wanting to turn back up and perhaps look for a more meaningful run of outperformance against bitcoin.

When ETH outperforms relative to bitcoin, it is taken as a positive sign for crypto risk appetite, as it suggests renewed interest in the ecosystem beyond bitcoin and into the world of smart contracts and decentralized finance.

ETH has been weighed down on regulatory overhang but could finally be turning a corner with the arrival of a crypto friendly US administration.

Wednesday’s news of the CBOE filing on behalf of 21Shares to list a spot staked Ethereum ETF has sent a strong message to the market that investors could have the opportunity to finally benefit from staking rewards.