LMAX Digital volumes paused for a breather on Wednesday after an exceptionally strong Tuesday performance. Total notional volume came in at $155 million, 31% below 30-day average volume.

Bitcoin volume printed $65 million, 37% below 30-day average volume. Ether volume came in at $38 million, 45% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,464 and average position size for ether at $2,493.

Volatility remains subdued but is showing signs of wanting to turn back up. We’re looking at average daily ranges in bitcoin and ether of $2,417 and $106 respectively.

Crypto markets have continued to hold up well near recent highs over the past 24 hours, consolidating gains against a backdrop of improving global risk sentiment.

Easing geopolitical tensions, particularly around expectations for renewed US-Iran diplomacy, alongside record highs in US equities, have helped sustain demand for risk assets more broadly, providing a supportive environment for crypto after the recent rebound.

While upside momentum has moderated, the ability to consolidate near recent highs keeps the focus on the potential for a confirmed bullish structural shift, especially as a softer US dollar and tempered Fed expectations continue to underpin alternative assets.

ETH continues to stand out on a relative basis, maintaining strength above the $2,300 level and extending its outperformance trend.

The resilience in ETH highlights a broader re-engagement with the asset class beyond bitcoin, suggesting investors are increasingly willing to express views further out on the risk curve within crypto.

From a structural standpoint, recent price action reinforces the idea that the market is transitioning into a more mature phase.

The sharp correction seen late last year and into early Q1 flushed out weaker projects and excess positioning, creating space for a more fundamentals-driven recovery. As a result, capital is now rotating more selectively into higher-quality crypto assets.

Looking ahead, the macro backdrop will remain central. Stability in geopolitics, alongside incoming US data and central bank communication, will be key in shaping broader risk appetite.

For now, the combination of supportive external conditions and constructive consolidation near highs keeps the near-term outlook biased to the upside, pending confirmation from renewed momentum.