LMAX Digital volumes were impressive on Wednesday. Total notional volume came in at $357 million, 61% above 30-day average volume.

Bitcoin volume printed $207 million, 104% above 30-day average volume. Ether volume came in at $82 million, 20% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,773 and average position size for ether at $2,444.

Volatility has leveled out in recent sessions but remains subdued overall. We’re looking at average daily ranges in bitcoin and ether of $2,502 and $102 respectively.

The crypto market has come under modest pressure, with bitcoin pulling back after its recent breakout above the $76k level, as renewed geopolitical caution—particularly around Middle East developments—has triggered a more defensive tone across risk assets.

The move lower appears more corrective than structural at this stage, with broader macro uncertainty encouraging some near-term profit taking following an otherwise constructive run.

Despite the softer tone, underlying price action continues to point to improving market structure. Bitcoin’s ability to hold above former resistance is a key technical development, suggesting the breakout remains intact for now.

Meanwhile, ETH is lagging slightly but remains within reach of the $2,400 level, with a decisive move above this threshold seen as an important confirmation signal for a broader bullish shift across the asset class.

From a flow and positioning perspective, there are increasing signs that longer-term holders are stepping back in, helping to absorb supply and stabilize the market on dips.

This shift comes after an extended period of weak sentiment and deleveraging, which appears to have reset positioning and created a healthier base for accumulation.

The contrast between improving on-chain dynamics and still-cautious headline sentiment is notable.

Macro drivers continue to play an important role, with crypto trading in closer alignment with broader risk assets. Geopolitical tensions have supported intermittent demand for defensive positioning, while a steadier US dollar and mixed global growth signals have capped upside momentum.

At the same time, the absence of fresh negative regulatory or structural developments within crypto itself has allowed the market to remain relatively resilient.