LMAX Digital volumes were light to start the week. Total notional volume for Monday came in at $229 million, 13% below 30-day average volume.

Bitcoin volume printed $128 million, 26% below 30-day average volume. Ether volume came in at $39 million, 5% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,847 and average position size for ether at $1,940.

Volatility remains subdued and continues to track at multi-month lows. We’re looking at average daily ranges in bitcoin and ether of $1,716 and $67 respectively.

Crypto markets continue to trade in relatively quiet fashion, but beneath the surface the price action has become increasingly constructive. Bitcoin remains well supported after stabilizing above key technical levels, while Ethereum has also continued to attract steady demand.

The absence of meaningful downside despite a more cautious backdrop across traditional markets suggests selling pressure has eased considerably following the deep correction from the 2025 highs.

Perhaps the most encouraging development is that crypto has continued to attract buyers even as equities have struggled with rising geopolitical tensions and higher Treasury yields.

Rather than trading purely as another high-beta risk asset, digital assets have shown signs of standing on their own, a dynamic that has historically been associated with the early stages of broader market recoveries.

After months of relentless liquidation, the market increasingly appears to be in stronger hands, with long-term participants proving more willing to accumulate into weakness than chase momentum.

Macro conditions remain mixed. Escalating tensions in the Middle East continue to dominate global markets, keeping oil prices elevated and risk sentiment fragile, while uncertainty around the Federal Reserve has prevented a sustained improvement in broader financial conditions.

Even so, softer US inflation data has reduced the urgency for additional Fed tightening, helping stabilize liquidity expectations and preventing a stronger rally in the US Dollar, an environment that is proving less hostile for digital assets than earlier this year.

Within crypto itself, there has been little in the way of major fundamental news to drive price action, allowing market structure to take center stage. The steady bid across both Bitcoin and Ethereum despite relatively subdued trading volumes reinforces the view that sellers are becoming exhausted while patient capital gradually rebuilds exposure.

That shift in positioning is arguably more important than any single headline, particularly after a steep drawdown in the current cycle. Markets that refuse to fall on negative news often provide valuable information about underlying demand.

While conviction still requires confirmation through a decisive breakout above major resistance levels, the recent resilience should not be underestimated.

Crypto’s ability to outperform traditional risk assets during periods of broader uncertainty strengthens the case that the asset class may be laying the foundations for the next major bull cycle.