LMAX Digital volumes put in another solid performance on Tuesday. Total notional volume came in at $342 million, 16% above 30-day average volume.

Bitcoin volume printed $167 million, 14% above 30-day average volume. Ether volume came in at $98 million, 15% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,206 and average position size for ether at $2,509.

Volatility has been rather subdued in recent days. We’re looking at average daily ranges in bitcoin and ether of $2,862 and $117 respectively.

Crypto markets have demonstrated continued resilience over the past 24 hours. Any setbacks thus far have found firm support on dips, consistent with the orderly price action observed in recent sessions.

ETH outperformance has also been encouraging, as the relative strength reflects renewed investor willingness to rotate into higher-beta names, a classic signal of improving market breadth.

Within crypto, spot ETF inflows remain supportive, while on-chain metrics point to steady accumulation by institutional participants. Traditional markets have been decidedly more tentative, as investors contend with cautious positioning ahead of today’s FOMC decision.

Geopolitical tensions in the Middle East continue to dominate the narrative, with ongoing Iran-related developments sustaining elevated oil prices and defensive investor flows.

While this environment has kept broader markets on edge, it has paradoxically reinforced crypto’s appeal as an alternative store of value with idiosyncratic drivers.

Another notable highlight was yesterday’s SEC interpretive guidance on securities classification for crypto assets, which provided much-needed clarity by outlining that most tokens fall outside traditional securities definitions.

The update was broadly viewed as constructive, reducing regulatory overhang and supporting the narrative of maturing institutional adoption. Looking ahead, sustained outperformance will hinge on whether this clarity can offset any further deterioration in global risk sentiment.