LMAX Digital volumes improved slightly from Tuesday but were still light in thin summer trading conditions.

Total notional volume for Wednesday came in at $336 million, 46% below 30-day average volume.

Bitcoin volume printed $165 million, 42% below 30-day average volume. Ether volume came in at $97 million, 39% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $12,831 and average position size for ether at $2,885.

Bitcoin volatility continues to track just off yearly low levels. ETH volatility has picked up and has recently pushed to its highest levels since March.

We’re looking at average daily ranges in bitcoin and ether of $2,660 and $178 respectively.

Bitcoin has climbed some 2% in the past 24 hours, while Ethereum continues to outperform with a 5% gain over this same period.

The move comes amid anticipation of a major policy development. President Trump is expected to sign an executive order that would open the door for crypto to be included in 401(k) retirement plans.

The announcement has fueled optimism around future institutional inflows, especially given the size of the U.S. defined contribution market, which totals ≈ $10 trillion.

Ethereum, in particular, has seen a notable boost in network activity. Daily transaction volumes on the Ethereum blockchain have now surpassed their 2021 highs, driven by strong growth in stablecoin usage and ETH treasury operations.

This increase in on-chain utility suggests that Ethereum’s underlying fundamentals are improving, offering a supportive backdrop to the price rally. The combination of real economic activity and speculative momentum is helping reinforce ETH’s positioning as more than just a beta play on Bitcoin.

Traditional market dynamics have also contributed to crypto’s rise. After a stretch of four days of outflows, U.S.-listed spot Bitcoin ETFs recorded a net inflow, signaling a shift in institutional sentiment.

Shares of crypto-linked equities such as MicroStrategy, Coinbase, and Riot Platforms are also finding renewed demand, reflecting broader risk appetite returning to the digital asset space. This move has coincided with relative calm in macro markets and a weaker dollar, providing additional breathing room for crypto to perform.

Beyond near-term price action, a more favorable regulatory tone is taking shape in Washington. The Trump executive order follows a series of signals from lawmakers aimed at establishing clearer guardrails around digital asset classification and access.

As the legislative agenda progresses—including bills on market structure and custody standards—investors appear increasingly confident that digital assets are moving toward greater legitimacy within the traditional financial system.