LMAX Digital volumes got off to a strong start this week. Total notional volume for Monday came in at $1.9 billion, 191% above 30-day average volume.

Bitcoin volume printed $758 million on Monday, 128% above 30-day average volume. Ether volume came in at $445 million, 401% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $10,859 and average position size for ether at $2,767.

Market volatility remains elevated and is tracking at peak levels. We’re looking at average daily ranges in bitcoin and ether of $4,602 and $247 respectively.

Movement in the crypto market has been dominated by all things President Trump and US administration tariff policy. This has been the case for financial markets across the board and continues to be the case into Tuesday.

We had initially seen an intense wave of downside pressure on the weekend news of US tariffs taking effect against Canada, Mexico, and China.

However, markets put in an a healthy recovery after it was confirmed the US was negotiating with Canada and Mexico and tariffs had been delayed for a month.

And as Tuesday gets going, there has been a minor bout of risk off flow resumption as China tariffs take effect and China issues its own countermeasures against the US.

We suspect that much like with Canada and Mexico, there will be further negotiations between the US and China resulting in a more amicable resolution.

Ultimately, the market is going through a period of adjustment to the new US administration and more unpredictable nature of President Trump.

Technically speaking, bitcoin remains confined to a bullish consolidation and continues to be exceptionally well supported on dips down towards $90k.

Looking ahead, it will be important to continue to keep an eye on updates around US tariffs. We also think it will be worth tuning in to the AI and Crypto Czar David Sacks press conference later today, where he is expected to outline America’s plan for digital assets.