LMAX Digital volumes kicked off the week on decent footing. Total notional volume for Monday came in at $657 million, just 4% below 30-day average volume.

Bitcoin volume printed $358 million, 14% above 30-day average volume. Ether volume came in at $94 million, 55% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $12,687 and average position size for ether at $3,268.

Bitcoin and ETH volatility are consolidating off recent elevated levels. We’re looking at average daily ranges in bitcoin and ether of $3,867 and $241 respectively.

Crypto markets are trading softer over the past 24 hours, with bitcoin easing back toward key technical support levels and ether following suit.

The pullback comes after a recovery rally, as traders consolidate positions amid renewed macro uncertainty and lighter liquidity across risk assets.

Positioning data suggests modest long liquidation and reduced appetite from leveraged funds following a bump in U.S. yields and a firmer dollar.

The near-term weakness is being driven by a shift in global risk sentiment after U.S. Treasury yields edged higher and several Fed officials pushed back against expectations of aggressive rate cuts.

While markets had leaned heavily toward a dovish pivot, firmer inflation breakevens and cautious Fed communication have tempered that optimism.

Still, the broader direction of travel for policy remains toward easing, and investors largely view the recent repricing as a short-term recalibration rather than a structural reversal.

Bitcoin’s retreat has also been compounded by a pause in ETF inflows, which had provided steady support through the early part of the month.

Trading volumes have thinned somewhat, leaving prices more sensitive to large directional flows, but the underlying structure of the market remains constructive, with institutional demand and on-chain holding behavior still signaling medium-term accumulation rather than capitulation.

Ether continues to lag slightly as rotation within the crypto complex favors bitcoin dominance in risk-off conditions.

On-chain activity and liquidity metrics suggest the market is in digestion mode rather than outright retreat — a period that often sets the stage for renewed positioning once macro visibility improves.

Outside crypto, a stronger dollar and cautious headlines around U.S.–China trade have kept broader risk appetite in check.

However, with rate cuts still on the horizon, U.S. banking stress fading, and liquidity conditions gradually stabilizing, the medium-term backdrop for digital assets remains broadly supportive.

Near-term volatility aside, crypto continues to trade within a constructive long-term framework — one that should reassert itself as macro uncertainty begins to clear.