LMAX Digital volumes were relatively flat in a quiet Tuesday session. Total notional volume for Tuesday came in at $578 million, 1% beow 30-day average volume.

Bitcoin volume printed $380 million on Tuesday, on par with 30-day average volume. Ether volume came in at $66 million, 32% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $10,535 and average position size for ether at $3,162.

Market volatility has turned up aggressively in recent days. Bitcoin volatility is trading back towards yearly high levels, while ETH volatility is back into the 2024 mid-range.

We’re looking at average daily ranges in bitcoin and ether of $3,352 and $149 respectively.

MicroStrategy continues to buy bitcoin aggressively, with both the direct bid and impact and influence from the success of this strategy thus far, further supporting demand for bitcoin.

We’ve also finally seen the launch of the highly anticipated BlackRock IBIT options product, which should invite further interest from institutional players.

First day trading volume on the options was very strong, with an overwhelming majority of the activity in call options.

On the macro side of things, we think it will be important to keep an eye on the US Dollar after the currency has run to multi-month highs.

A lot of this latest surge has come from the Trump trade, and now that we’ve seen this priced in, we wonder if this sets the stage for some Dollar weakness ahead.

If this is to be the case, it could serve as another positive driver for crypto assets, with the Dollar coming back under pressure across the board.

If, however the Buck remains bid, crypto assets shouldn’t be all that discouraged considering how well they’ve held up in the face of this run of Dollar strength.