LMAX Digital volumes have been impressive all week. Total notional volume for Wednesday came in at $1.6 billion.

Breaking it down per coin, bitcoin volume came in at $1.3 billion. Ether volume came in at $135 million.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,240 and average position size for ether at $2,323.

Volatility could be getting ready to turn higher again after several weeks of consolidation. We’re looking at average daily ranges in bitcoin and ether of $2,411 and $100 respectively.

Bitcoin and ether have pulled back after breaking through important resistance and extending their recent recoveries.

Some consolidation after those moves is unsurprising. What stands out to us is how contained the retreat has been.

The broader backdrop has become less comfortable for risk assets. Strong US business data has driven Treasury yields and the dollar higher.

Renewed concern over the US–Iran conflict has also lifted oil and kept inflation risks in focus. US equities have come under pressure, particularly technology shares, yet crypto has held up relatively well.

Bitcoin remains the clearest gauge of that resilience. It has surrendered some of its breakout gains, but its response to a broad risk-off move and a stronger dollar has been measured.

Ether has also eased after its own recovery, without erasing the more constructive price action that preceded it.

We think that relative strength is encouraging. It suggests investors are increasingly willing to assess crypto on its own merits rather than treat it simply as an extension of the equity trade.

That is our interpretation of the price action, though a sustained rise in yields would still test the market.

Our broader view is that the dollar’s additional upside may be limited after its sharp advance. If other major currencies recover and yield differentials become less supportive of the dollar, that should ease a significant headwind for bitcoin and ether.

For now, the market’s ability to absorb this macro pressure keeps the outlook constructive.