LMAX Digital volumes ticked up on Wednesday. Total notional volume came in at $196 million, 19% above 30-day average volume.

Bitcoin volume printed $115 million, 35% above 30-day average volume. Ether volume came in at $32 million, 1% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,175 and average position size for ether at $1,798.

Volatility remains subdued and continues to track at multi-month lows. We’re looking at average daily ranges in bitcoin and ether of $1,506 and $61 respectively.

The crypto market continues to consolidate after its recent recovery, though the underlying tone remains constructive.

Meanwhile, traditional markets remain focused on Friday’s US jobs report, with softer US economic data this week helping reinforce expectations that financial conditions may become more supportive for risk assets if inflation continues to moderate.

Within crypto, attention remains firmly on the regulatory landscape in Washington. While the prevailing expectation is that the Clarity Act is unlikely to advance before Congress breaks for the summer, we believe the market has already largely priced in that outcome.

If the legislation were to unexpectedly move forward, it could act as a meaningful catalyst for institutional demand. At the same time, we continue to believe the downside from further delays should be relatively limited given current expectations.

Importantly, the broader regulatory backdrop continues to improve regardless of the timing of legislation. SEC Chair Paul Atkins has indicated a willingness to provide greater regulatory clarity through agency guidance, offering an alternative path toward a more constructive framework for digital assets even if Congress takes longer than expected.

Combined with continued institutional adoption and expanding infrastructure across the industry, the medium-term fundamental backdrop remains supportive and reinforces the longer-term investment case for the asset class.

From a technical perspective, we continue to focus on $67,300 in Bitcoin and $2,000 in Ethereum as the next major resistance levels. A convincing break above those barriers would strengthen the case that the market is transitioning into a more meaningful upside phase.

We also remain encouraged by ETHBTC, which has just posted its strongest monthly performance in a year. That relative strength reinforces the view that investor appetite is beginning to broaden beyond Bitcoin and into the wider digital asset ecosystem, a healthy characteristic of a strengthening market.