LMAX Digital volumes were on the softer side to start the week. Total notional volume for Monday came in at $556 million, 17% below 30-day average volume.

Bitcoin volume printed $317 million, 10% below 30-day average volume. Ether volume came in at $113 million, 31% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,101 and average position size for ether at $3,408.

Bitcoin and ETH volatility remains elevated just off recent multi-month highs. We’re looking at average daily ranges in bitcoin and ether of $3,762 and $221 respectively.

Bitcoin and the broader crypto market have been largely rangebound over the past 24 hours, with bitcoin consolidating around $105k and ETH easing modestly amid light volumes and a muted risk backdrop.

The lack of major catalysts and mixed macro signals has kept investors cautious, though underlying sentiment remains constructive following last week’s stabilization across digital assets.

Price action continues to be influenced by traditional market dynamics, particularly expectations for U.S. rate cuts and fluctuations in the dollar.

The combination of softer U.S. labor data and tentative progress in Washington’s political negotiations has tempered risk appetite, but it has also strengthened the medium-term case for easier policy—a backdrop typically favorable for crypto.

Meanwhile, geopolitical tensions remain a wildcard, with investors closely monitoring developments in trade and energy markets for potential spillover effects on global liquidity and sentiment.

Within crypto, Ethereum remains closely correlated to bitcoin but continues to attract interest from institutional participants amid renewed optimism around scaling upgrades and on-chain activity.

However, near-term flows remain subdued as traders await stronger directional cues, particularly from macro data and the Fed’s communication ahead of December’s meeting.

Broader altcoin performance has been mixed, with sector rotation favoring large-cap names as traders prioritize liquidity and risk management.

Technically, we remain optimistic after bitcoin managed to hold above its 50-day simple moving average on a weekly close basis—a key support that keeps the broader uptrend intact and maintains the potential for a run toward fresh record highs into year-end.

This resilience in bitcoin price structure underpins confidence across the digital asset complex and should continue to lend support to Ethereum and the broader crypto space, particularly if macro conditions stay benign and risk sentiment improves.