LMAX Digital volumes put in an impressive performance across the board on Monday. Total notional volume came in at $449 million, 50% above 30-day average volume.

Bitcoin volume printed $231 million, 52% above 30-day average volume. Ether volume came in at $139 million, 70% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,441 and average position size for ether at $2,547.

Volatility has leveled out after trending sharply lower since early February. We’re looking at average daily ranges in bitcoin and ether of $3,350 and $129 respectively.

Bitcoin has traded with a firm tone over the past 24 hours, holding near the upper end of its recent range as broader risk sentiment stabilizes. Price action appears to reflect a mix of steady institutional flows and ongoing positioning around the asset’s longer-term scarcity narrative.

Market participants continue to view bitcoin as the primary macro proxy within crypto, with the asset showing resilience despite lingering geopolitical tensions and volatility in traditional markets.

A notable milestone attracting attention has been the total mined supply of bitcoin surpassing 20 million coins, reinforcing the asset’s fixed issuance schedule and long-term scarcity characteristics.

With a hard cap of 21 million coins, the milestone serves as a timely reminder of bitcoin’s tokenomics and may be helping to support sentiment, particularly among longer-term investors who view supply dynamics as a core component of the investment thesis.

From a macro perspective, crypto markets have been navigating a complex backdrop marked by geopolitical tensions in the Middle East, volatility in oil markets, and shifting expectations around global monetary policy.

A modest pullback in the U.S. dollar and signs of stabilization in risk assets have offered some support to digital assets, while investors remain attentive to potential spillovers from traditional markets, particularly equities and rates.

Overall, the tone across crypto remains constructive but cautious. While bitcoin continues to attract attention as a macro hedge and scarce digital asset, near-term price action is still likely to be influenced by broader cross-asset flows, developments in global politics, and evolving liquidity conditions across financial markets.