LMAX Digital volumes put in a healthy performance on Tuesday. Total notional volume for Tuesday came in at $758 million, 43% above 30-day average volume.

Bitcoin volume printed $358 million on Tuesday, 50% above 30-day average volume. Ether volume came in at $220 million, 93% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,758 and average position size for ether at $1,678.

Bitcoin volatility has rallied up to peak levels, while ETH volatility has been more contained. We’re looking at average daily ranges in bitcoin and ether of $4,686 and $206 respectively.

There has been so much going on in the headlines, that it’s easy to get distracted from the bigger picture.

What’s the bigger picture? It’s that bitcoin is trading in an impressive uptrend and simply looking for a higher low ahead of the next big push to another record high.

Indeed, if the US administration formalizes a crypto reserve, it will be a clear positive catalyst for the asset class. At the same time, what’s more important is that the US and the rest of the world have become more accepting of crypto.

Only a few years back, the idea that major US banks and larger institutions would be introducing cypto to clients seemed to be far reaching. And yet, this is how things have played out and then some.

The door is open for mass adoption across the retail and institutional world and as the technology continues to develop and regulatory frameworks become more clear, we expect there will continue to be sizable inflows into the space.

As far as the macro goes, trade tension and geopolitical risk are weighing on investor sentiment, forcing a notable downturn in US and global equities.

Risk off developments of this kind have traditionally opened safe haven demand into the US Dollar, which has translated to downside pressure on cryptocurrencies.

But with Fed rate expectations shifting back to pricing more rate cuts than less in 2025, and with bitcoin capable of shining as a store of value asset, we believe there are plenty of reasons to expect bitcoin to be well supported on dips.