LMAX Digital volumes got off to an impressive start this week. Total notional volume for Monday came in at $358 million, 48% above 30-day average volume.

Bitcoin volume printed $161 million, 20% above 30-day average volume. Ether volume came in at $90 million, 65% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,350 and average position size for ether at $1,440.

Bitcoin and ETH volatility continue to trend lower. We’re looking at average daily ranges in bitcoin and ether of $2,280 and $109 respectively.

Price action has been discouraging to start the week, with crypto struggling to build on last week’s upside momentum. Bitcoin has been unwilling to show any meaningful follow-through after clearing the important $95,000 resistance zone and has since slipped back into retreat mode.

ETH has tracked bitcoin lower, continuing to stall ahead of its critical $3,500 resistance zone and showing little in the way of upside traction.

From a technical perspective, the broader recovery structure remains intact for now. Both bitcoin and ETH continue to trade well above their November lows, and the current pullbacks still look consistent with corrective consolidation rather than outright trend reversal.

Key levels to monitor into the coming session are the January 8 lows at $89,200 for bitcoin and $3,050 for ETH, which represent the prior higher lows within the recovery sequence and should ideally hold to preserve the constructive medium-term outlook.

Macro conditions have remained a headwind over the past 24 hours, with global risk sentiment pressured by renewed geopolitical tensions and fresh tariff rhetoric. Equity markets have struggled for direction and volatility remains elevated, keeping high-beta positioning cautious.

While the dollar has softened today, providing some marginal relief across risk assets, it has not been sufficient to reignite demand for crypto following last week’s failed breakout attempts.

Within crypto, speculative appetite has cooled, with participants prioritizing liquidity and tighter risk management into mid-week trading. That said, the structural backdrop continues to improve.

LMAX Group’s strategic partnership with Ripple — including Ripple’s $150 million financing commitment to support LMAX Group’s long-term cross-asset growth strategy — highlights the accelerating convergence between institutional FX infrastructure and blockchain-based settlement networks.

In sum, while near-term momentum has faded alongside broader risk markets, the medium-term recovery narrative remains intact as long as key technical supports hold.

If bitcoin and ETH can defend the January 8 lows and macro stress does not intensify further, the current dip can still be framed as consolidation within a rebuilding phase rather than the start to renewed downside pressure.