LMAX Digital volumes for Tuesday were up across the board. Total notional volume came in at $252 million, 12% above 30-day average volume.

Bitcoin volume printed 116 million, 11% above 30-day average volume. Ether volume came in at $75 million, 13% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,148 and average position size for ether at $2,526.

Volatility continues to trend lower and remains exceptionally subdued. We’re looking at average daily ranges in bitcoin and ether of $2,229 and $93 respectively.

Crypto has traded with a steadier tone over the past 24 hours, with price action characterized more by consolidation within an improving structure than any deterioration in underlying demand.

Bitcoin continues to act as the primary anchor after its break above $76k, with the market’s ability to hold above former resistance reinforcing the view that a bullish structural shift may be taking shape, while Ethereum remains focused on establishing firmer footing above the $2,400 area as markets look for added confirmation of catch-up strength.

A key theme in recent sessions has been the growing divergence between perception and performance.

While many continue to focus on crypto trading below its 2025 highs versus record US equities, the past 30 days have shown a much more constructive picture, with bitcoin and ether holding their own relative to major equity benchmarks and signaling renewed demand returning to the asset class after a difficult Q4 and Q1.

Macro crosscurrents have remained an important influence, with crypto continuing to take cues from softer-dollar dynamics, elevated geopolitical risk and broader positioning ahead of the Fed decision.

As with other liquidity-sensitive assets, investors remain focused on whether a more investor-friendly policy tone could reinforce risk appetite and support the case for digital assets to extend recent relative outperformance.

Within crypto itself, the absence of major idiosyncratic catalysts has kept attention on technicals, flows and market structure, where the backdrop remains constructive.

Recent price action appears more consistent with healthy digestion after breakout than exhaustion, while continued institutional participation and improving sentiment around crypto allocations have helped keep dips supported.

Looking ahead, markets will be watching whether bitcoin can continue to defend its breakout zone and whether Ethereum can secure a more convincing hold above $2,400, a move many see as important for validating a wider resurgence across digital assets.

The underlying bias remains that crypto may be in the early stages of reasserting leadership, particularly if macro conditions turn incrementally more supportive and the current structural shift continues to build momentum.