LMAX Digital volumes improved from Tuesday levels but were still on the lighter side overall. Total notional volume for Wednesday came in at $269 million, 27% below 30-day average volume

Bitcoin volume printed $152 million, 25% below 30-day average volume. Ether volume came in at $68 million, 17% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,221 and average position size for ether at $2,769.

Volatility has been in cool down mode since peaking earlier this month. We’re looking at average daily ranges in bitcoin and ether of $3,471 and $142 respectively.

Interestingly, despite widespread interpretations of the latest Fed Minutes as leaning hawkish, risk assets—including crypto—have shown remarkable resilience in the aftermath.

This pattern is nothing new. Since the 2008–2009 Global Financial Crisis, the central bank has consistently bent to market pressures, ultimately providing more accommodation than restraint when conditions demand it.

This dynamic continues to offer strong support for crypto assets. These markets remain tightly correlated with broader risk-on environments, thriving as plays on emerging technology.

Yet a meaningful shift appears underway. Investors are beginning to view crypto not just as a high-beta equity proxy, but as a genuine portfolio diversifier.

More importantly, crypto is increasingly seen as a standalone asset class—one capable of performing independently of stock market movements.

Crypto’s very origins reinforce this potential. Born as a deliberate rejection of the traditional financial system, it is uniquely positioned to stand and thrive on its own merits.

Recent price action adds further conviction. After months of pronounced weakness, traditional equities now look overstretched and overvalued.

In contrast, crypto valuations appear increasingly compelling and undervalued relative to their fundamentals.

This valuation disparity makes a strong case for relative outperformance in crypto versus stocks over the weeks and months ahead.

In the ideal scenario, equities continue to grind modestly higher while crypto regains clear upward momentum.

Even if equities face weakness, however, we expect crypto to show greater resilience than many anticipate—potentially decoupling positively and delivering amplified outperformance.

Adding to these tailwinds, meaningful progress persists on U.S. crypto market structure legislation. The Senate Agriculture Committee advanced key provisions earlier this year, White House-mediated talks continue, and optimistic signals from President Trump and senior figures point to potential passage in the near term—possibly by spring or April.

Such a framework would deliver much-needed regulatory clarity, reduce uncertainty, bolster institutional confidence, and hasten crypto’s maturation into a more independent asset class.

Finally, we reiterate a key point from earlier this week: quantum computing remains a distant, theoretical risk to dormant bitcoin holdings, posing no imminent systemic threat to the protocol.

One could reasonably argue that the gradual circulation of these dormant coins is ultimately beneficial. It promotes healthier distribution across the fixed 21 million supply, enhances liquidity, and strengthens overall network utility.