LMAX Digital volumes continue to trend up this week. Total notional volume for Wednesday came in at $277 million, 24% above 30-day average volume.

Bitcoin volume printed $144 million, 39% above 30-day average volume. Ether volume came in at $63 million, 3% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,332 and average position size for ether at $2,554.

Volatility remains exceptionally subdued. We’re looking at average daily ranges in bitcoin and ether of $2,266 and $94 respectively.

Crypto has come under modest pressure over the past 24 hours, with price action reflecting the broader risk-off tone driven by a more hawkish Fed and renewed geopolitical escalation.

Bitcoin, as the primary proxy, has seen some pullback but continues to hold relatively well within its recent range, suggesting the market is digesting macro shocks rather than breaking down.

Ethereum has followed a similar path, with near-term softness but no clear deterioration in the underlying structure.

What stands out is that, despite the macro headwinds, the overall fallout in crypto has been contained, reinforcing the idea that the market may be transitioning toward a more resilient footing.

Bitcoin’s store-of-value narrative and the deflationary structure of the asset class continue to attract attention, particularly in an environment where inflation risks and geopolitical uncertainty are rising.

However, the extent to which crypto can decouple from traditional risk assets remains a key question for investors.

There is a growing view that crypto could begin to stand more independently, especially after the heavy drawdowns seen in Q4 2025 and Q1 2026.

With equities still near elevated levels and potentially vulnerable, the idea that crypto could hold steady—or even outperform—during a period of equity weakness is gaining traction.

This is further supported by the significant amount of sidelined capital that has yet to meaningfully engage with the asset class.

From a structural perspective, recent DeFi-related setbacks have not undermined confidence but instead highlighted the market’s ability to respond and stabilize.

The speed at which participants have moved to backstop losses and maintain confidence points to a maturing ecosystem, where resilience is increasingly built into the system rather than dependent on external support.

Looking ahead, key technical levels remain important for confirming the recovery narrative.

A convincing move back above $76k in bitcoin and a push through $2,400 in ETH would signal renewed momentum and strengthen the case that the market is in the early stages of a more meaningful recovery following several months of underperformance.