LMAX Digital volumes put in impressive numbers on Tuesday. Total notional volume for Tuesday came in at $664 million, 44% above 30-day average volume.

Bitcoin volume printed $314 million, 44% above 30-day average volume. Ether volume came in at $135 million, 16% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,207 and average position size for ether at $3,040.

Bitcoin volatility is still tracking just off recent yearly lows, while ETH volatility is holding steady since bottoming in May. We’re looking at average daily ranges in bitcoin and ether of $2,871 and $134 respectively.

There was quite a bit of downside pressure on crypto assets in Tuesday trade, which may have rattled some nerves. Though, as we have been highlighting, the price action did nothing to change what have been constructive outlooks for both bitcoin and ETH.

When taking a closer look at the charts, both bitcoin and ETH are confined to bullish consolidations within respective ranges. Bitcoin setbacks have been well supported ahead of $100,000, while ETH setbacks have been well supported ahead of $2,300.

Fundamentally, we believe we are getting closer to a resolution in the Israel-Iran conflict, with more active US involvement increasing that prospect.

This coupled with a Federal Reserve decision we expect won’t do much to rock the boat, should appease investors and promote more demand for crypto assets.

Meanwhile, the US Senate’s passage of the GENIUS Act (66-32 vote) regulating stablecoins with 1:1 reserve backing is a big win for the crypto space and should drive more institutional adoption if passed in the House.