LMAX Digital volumes got off to a solid start this week. Total notional volume for Monday came in at $465 million, 28% above 30-day average volume.

Bitcoin volume printed $264 million, 37% above 30-day average volume. Ether volume came in at $117 million, 33% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,852 and average position size for ether at $2,713.

Volatility has leveled out after trending sharply lower since early February. We’re looking at average daily ranges in bitcoin and ether of $3,311 and $134 respectively.

Crypto assets have held up well in the early week, consolidating recent gains. Price action remains relatively orderly despite ongoing geopolitical uncertainty and softer risk appetite in traditional markets, with volatility contained compared to recent sessions.

A notable development in recent sessions has been crypto’s relative outperformance versus equities. While global stock indices have come under renewed pressure amid escalating geopolitical tensions and firmer US dollar dynamics, crypto markets have held their ground and, in some instances, edged higher. This decoupling—if sustained—marks an encouraging shift.

From a macro perspective, markets continue to digest heightened geopolitical risks in the Middle East, elevated oil prices, and a stronger dollar. Traditionally, such an environment would weigh on higher-beta assets, yet crypto’s resilience suggests positioning is cleaner and flows more structural in nature.

Ongoing institutional allocation, steady ETF-related demand, and reduced leverage across derivatives markets appear to be providing a more stable foundation.

Within crypto-specific drivers, on-chain activity remains steady and funding rates have stayed relatively balanced, pointing to a healthier market structure.

Ethereum continues to benefit from ecosystem developments and staking-related dynamics, though it remains sensitive to broader risk sentiment.

Overall, the tone across digital assets is cautiously constructive, with bitcoin maintaining its role as the key proxy for both macro sensitivity and investor conviction in the asset class.