LMAX Digital volumes got off to a solid start this week. Total notional volume for Monday came in at $278 million, 31% above 30-day average volume.

Bitcoin volume printed $150 million, 45% above 30-day average volume. Ether volume came in at $57 million, 6% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,268 and average position size for ether at $2,292.

Volatility continues to trend lower and remains exceptionally subdued. We’re looking at average daily ranges in bitcoin and ether of $1,949 and $76 respectively.

Crypto markets are trading with a more measured and resilient tone, even as macro conditions have turned less supportive, with Bitcoin continuing to act as the anchor for the asset class.

Over the past 24 hours, Bitcoin has held relatively firm despite a stronger US Dollar and rising geopolitical tensions, reinforcing the idea that much of the macro-driven downside seen earlier this year has already been absorbed.

This stability at elevated levels suggests underlying demand remains intact, even as traditional risk assets show signs of fatigue.

Ethereum, meanwhile, continues to lag slightly in terms of confirmation, but is holding within a constructive range.

The market remains focused on whether ETH can decisively reclaim and sustain levels above key resistance at $2,400, which would signal broader participation beyond Bitcoin-led flows.

For now, Ethereum’s price action reflects a market in transition—no longer in a clear downtrend, but still needing stronger conviction to validate a more bullish structural shift.

From a macro perspective, crypto is navigating a complex backdrop. Rising oil prices and renewed Middle East tensions are supporting the US Dollar and weighing on global risk sentiment, conditions that would typically pressure digital assets.

However, crypto’s relatively muted response highlights a potential shift in behavior, with Bitcoin in particular increasingly viewed through a store-of-value lens rather than purely as a high-beta risk asset.

This evolving narrative is helping to cushion downside and attract strategic allocation interest.

On the fundamental side, institutional engagement remains a key pillar of support.

There continues to be steady progress in product development, infrastructure, and adoption, with large asset managers and financial institutions expanding their footprint in both Bitcoin and Ethereum ecosystems.

At the same time, the regulatory backdrop is gradually improving, with growing expectations for clearer frameworks in major jurisdictions, reducing uncertainty and encouraging sidelined capital to re-enter the space.

Overall, the market is showing signs of quiet strength beneath the surface.

While macro headwinds remain and Ethereum has yet to fully confirm the next leg higher, the combination of resilient price action, improving fundamentals, and a shifting narrative suggests that crypto may be positioning for a more sustained move once broader participation picks up.