LMAX Digital volumes have been trending impressively higher this week. Total notional volume for Wednesday came in at $538 million, 108% above 30-day average volume.

Bitcoin volume printed $352 million, 142% above 30-day average volume. Ether volume came in at $93 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 $8,432 and average position size for ether at $1,451.

Bitcoin and ETH volatility is showing signs of bottoming out after trending lower for several weeks. We’re looking at average daily ranges in bitcoin and ether of $2,437 and $125 respectively.

Crypto has recovered over the past 24 hours on the back of an uptick in global risk sentiment, with majors and high-beta tokens alike benefiting from the improved macro backdrop.

The market welcomed a relief bid after President Trump backed off on Greenland and EU tariff threats, easing near-term geopolitical risk and supporting flows back into higher-beta assets. Volumes improved into the move, with derivatives funding stabilizing and spot demand re-emerging on dips.

From a macro perspective, for the time being, crypto is trading as a high-octane proxy for global sentiment. The softer tone in trade rhetoric, combined with a steady US rates backdrop and firmer equity futures, has encouraged a rotation back into growth and alternative assets.

The correlation with equities remains elevated, reinforcing the view that near-term crypto direction will be dictated as much by Washington and central banks as by crypto-native catalysts.

Technically, the bounce in both bitcoin and ETH is unfolding from rising trend-line support drawn off the November lows, adding weight to the recovery narrative.

Momentum indicators have turned up from neutral territory, and spot flows suggest real-money interest rather than purely leveraged chasing. That said, the market is still in validation mode after last week’s pullback.

For confirmation that this is more than just a relief rally, bitcoin needs to reclaim and hold above last week’s high, while ETH must push through the $3,500 area.

A clean break would open the door for a renewed challenge of the cycle highs, while failure to do so would keep the market vulnerable to another bout of range trading.