LMAX Digital volumes improved from Monday levels but still leaned to the lighter side on Tuesday. Total notional volume for Tuesday came in at $442 million, 8% below 30-day average volume.

Bitcoin volume printed $292 million on Tuesday, 18% above 30-day average volume. Ether volume came in at $56 million, 41% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,285 and average position size for ether at $2,032.

Bitcoin volatility has fallen back into a familiar consolidation range. ETH volatility has been trending lower towards multi-week lows. We’re looking at average daily ranges in bitcoin and ether of $3,447 and $120 respectively.

We’ve reached an interesting point in 2025 where it feels like crypto assets could start to make a big move back to the topside, but are also worrying about possible headwinds from the world of traditional markets.

The question everyone is trying to figure out the answer to right now is just how much crypto assets need to be worrying about any additional fallout in traditional markets, particularly at a time when news coming out of the crypto space has been so bright.

We’ve already made the argument that bitcoin alone should not be treated as a risk correlated asset. The only reason it does have tendencies to trade as such is because it is still regarded as an emerging asset. But if we strip this away, we’re left looking at an asset with properties that scream store of value.

We also believe there is clear evidence suggesting less and less are viewing bitcoin as an emerging asset. Look no further than all of the institutional adoption we’ve been seeing, the addition of bitcoin to corporate balance sheets, the US talking about a bitcoin reserve, and the conversation around sovereign wealth funds dipping in.

But beyond bitcoin, there is so much going on within the crypto space, that we’re left staring at a market of the future that could be trading at a major discount. The impact of decentralized finance can not be ignored, and as far as inflows to this space are concerned, we’re only just now scratching the surface.

This suggests that there is plenty of room for investment to flow into ETH, the world’s second largest crypto asset. There has been evidence of ETH finally wanting to put in a bottom against bitcoin after downtrending for many months, and we believe a world where the ETHBTC ratio is rising is a world that signals the most encouraging signs for the space. Again, because this suggests there is appetite for crypto assets beyond bitcoin.

Earlier this week, President Trump spoke at the Blockworks Digital Asset Summit, marking the first time in history a sitting president has spoken at a crypto conference. This news should not be underappreciated by the market, as it lends further strength to an outlook which sees increased adoption in the months ahead.

And so, getting back to the question we started with, it’s feeling more and more like crypto assets should not be as bothered by an additional fallout in traditional markets. Indeed, we could see some disruption. At the same time, this should set the stage for attractive opportunities to take advantage of dips, and ultimately a scenario where crypto assets are outperforming traditional assets.