LMAX Digital volumes put in a healthy performance to start the week. Total notional volume for Monday came in at $203 million, 18% above 30-day average volume.

Bitcoin volume printed $111 million, 20% above 30-day average volume. Ether volume came in at $34 million, 6% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,428 and average position size for ether at $1,844.

Volatility remains subdued and continues to track at multi-month lows. We’re looking at average daily ranges in bitcoin and ether of $1,644 and $66 respectively.

Digital assets are trading with a mildly defensive tone after another strong month, with profit-taking and broader risk reduction ahead of this week’s Federal Reserve decision weighing modestly on sentiment.

Bitcoin continues to consolidate below the important $67,300 resistance area, while Ethereum has also eased back as traders trim positions into a week that could prove pivotal for broader risk assets. Even so, the underlying tone remains constructive, with buyers continuing to emerge on dips rather than signs of aggressive distribution.

Part of the near-term caution also reflects uncertainty surrounding the timing of the CLARITY Act, with hopes fading that legislation will be finalized as quickly as some market participants had anticipated.

While that has prompted some short-term disappointment, we continue to view any delay as far more of a timing issue than a structural one. The longer-term investment case for digital assets remains tied to growing institutional adoption, improving market infrastructure and an increasingly favorable regulatory backdrop, whether that comes through the CLARITY Act or other policy initiatives.

Traditional markets are also playing a role in shaping sentiment. Investors have generally adopted a more defensive stance ahead of the Federal Reserve, while lingering geopolitical uncertainty and softer equity markets have encouraged some short-term de-risking across higher-beta assets.

That said, the recent pullback in oil prices and easing concerns around a broader Middle East escalation should help reduce inflation fears if sustained, potentially creating a more supportive macro backdrop for risk assets over time.

From a technical perspective, the broader picture remains encouraging. Bitcoin continues to hold comfortably above key support following July’s advance, with a decisive break above $67,300 likely to reinforce the view that the latest consolidation has been a pause within a broader recovery rather than the start of a deeper correction.

Ethereum also remains well positioned, and a sustained move back above the psychologically important $2,000 level would strengthen the case that ETH is preparing to resume its recent leadership and could provide the next major catalyst for the wider digital asset market.