LMAX Digital volumes were soft on Tuesday, with markets confined to tight trade. Total notional volume came in at $163 million, 44% below 30-day average volume.

Bitcoin volume printed $75 million, 47% below 30-day average volume. Ether volume came in at $36 million, 58% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,858 and average position size for ether at $2,494.

Volatility has remained well-contained, continuing to compress amid range-bound price action. We’re looking at average daily ranges in bitcoin and ether of $2,809 and $114 respectively.

Crypto markets continue to trade with a relatively constructive tone despite ongoing macro headwinds.

Notably, price action continues to reflect consistent dip-buying, with bitcoin finding support on intraday pullbacks. This reinforces the view that the market remains in a consolidation phase rather than transitioning into a deeper correction.

From a macro standpoint, the key drivers remain centered around monetary policy expectations and broader risk sentiment. A “higher-for-longer” rates backdrop continues to act as a ceiling on risk assets.

At the same time, elevated geopolitical tensions have contributed to intermittent bouts of volatility. These dynamics have triggered periodic deleveraging across crypto, though the impact has been relatively contained compared to prior episodes.

Within crypto, flows and positioning appear to be stabilizing following earlier bouts of stress. While there have been pockets of outflows and leverage resets, the market has demonstrated an increasing ability to absorb negative developments.

This suggests a more balanced structure, with longer-term participants and opportunistic buyers stepping in on weakness. The absence of sustained downside follow-through is notable in this context.

ETH has largely mirrored bitcoin’s behavior, showing mild underperformance during risk-off stretches. At the same time, it has continued to maintain key support levels.

The lack of significant idiosyncratic pressure in ETH points to a market primarily driven by macro factors. Correlations with traditional risk assets remain elevated, underscoring crypto’s sensitivity to broader financial conditions.

The key takeaway is that crypto has shown notable resilience in the face of persistent macro and geopolitical uncertainty. While upside remains tempered by the prevailing liquidity environment, the market has held firm on dips.

This ability to defend key levels suggests underlying strength. It leaves crypto well-positioned to respond more constructively should external conditions begin to improve.