LMAX Digital volumes got off to a mild start this week. Total notional volume for Monday came in at $424 million, 1% above 30-day average volume.

Bitcoin volume printed $261 million, 21% above 30-day average volume. Ether volume came in at $72 million, 12% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,597 and average position size for ether at $1,661.

Volatility is tracking at yearly lows, with bitcoin volatility at its lowest since November 2024 and ETH at its lowest since February 2024. We’re looking at average daily ranges in bitcoin and ether of $2,504 and $81 respectively.

The cryptocurrency market has remained largely stagnant since the weekly open, with prices settling into a holding pattern as investors await a pivotal catalyst.

This impetus may arise from traditional markets, driven by updates on tariff-related economic impacts or the Federal Reserve’s anticipated FOMC decision on May 7.

Recent weeks have shown a marked divergence between bitcoin and U.S. equities, yet we remain optimistic that a revival in risk appetite could propel bitcoin and the broader crypto market forward.

Easing trade tensions have already sparked renewed interest in digital assets, and a dovish Fed stance could further stimulate buying activity.

Bitcoin’s resilience amid equity market downturns underscores its growing appeal as a store of value and portfolio diversifier, capturing increasing investor attention.

On the crypto front, Strategy’s acquisition of additional bitcoin, boosting its holdings to $52.2 billion, alongside Ethereum’s Pectra upgrade and a new U.S. House Republican draft bill on digital asset regulation, are key developments making headlines.