LMAX Digital volumes produced solid numbers to start the week. Total notional volume for Monday came in at $566 million, 9% above 30-day average volume.

Bitcoin volume printed $232 million, 10% above 30-day average volume. Ether volume came in at $226 million, 20% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $12,678 and average position size for ether at $3,749.

Bitcoin volatility is attempting to bottom out off the lowest levels of the year. ETH volatility is also looking to stabilize after a period of cool down off multi-month highs.

We’re looking at average daily ranges in bitcoin and ether of $2,304 and $169 respectively.

Bitcoin and ETH have been well supported over the past 24 hours, with bitcoin stabilizing above recent support and ETH not wanting to spend much time below $4k.

Broader crypto sentiment has improved, though price action still resembles a tactical relief rally rather than the start of a sustained uptrend.

Much of the move appears to be driven by technical dynamics—bitcoin’s oversold conditions triggered short covering and renewed dip-buying.

Fresh inflows into spot ETFs and evidence of whale accumulation have further underpinned sentiment, reinforcing the perception that institutional capital continues to provide a floor for the market.

Of course, the market could also be getting excited about heading into a Q4 that is far and away the best quarter for bitcoin performance.

As far as October goes, bitcoin has produced 6 consecutive years of positive October returns, and positive returns in October in 10 out of the past 12 years going back to 2013.

From a macro perspective, uncertainty around U.S. fiscal negotiations and the risk of a government shutdown have led some investors to be a little more cautious. Meanwhile, speculation over the Federal Reserve’s policy stance remains a key driver of medium-term flows.

On the geopolitical front, reports suggesting the potential end of the Israel-Hamas conflict are being framed as a possible positive catalyst. An easing of regional tensions could pave the way for renewed Abraham Accords-style agreements, unlocking trade and investment flows across the Middle East.

For crypto, this could translate into new capital inflows from sovereign and institutional players in the region, as well as a broader improvement in global risk appetite.