LMAX Digital volumes improved dramatically from anemic Tuesday levels. Total notional volume for Wednesday came in at $439 million, 5% below 30-day average volume.

Bitcoin volume printed $238 million on Wednesday, 1% below 30-day average volume. Ether volume came in at $73 million, 14% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,361 and average position size for ether at $1,701.

Volatility is tracking at the lowest levels of the year. We’re looking at average daily ranges in bitcoin and ether of $2,778 and $94 respectively.

After a challenging Q1 that saw Bitcoin plummet 12% and ETH drop 45%, the crypto market appears to be rebounding, with Bitcoin gaining 14% in April and ETH recovering from its lowest level since March 2023 to close the month nearly unchanged.

The recovery is largely driven by easing fears over disruptive U.S. trade policies, which had previously weighed on global markets, alongside bitcoin’s overdue technical correction finally playing out off the record high in January. This record high had been fueled by crypto friendly Trump administration policy promises, which we expect will see more follow through over the coming quarters.

Notably, Bitcoin’s April performance diverged from struggling U.S. equities, underscoring its growing appeal as an uncorrelated asset, a store of value, and a hedge against the U.S. dollar, with Bitcoin outperforming major assets over the past 30 days while the S&P 500 lagged in the red.

ETH’s earlier underperformance stemmed from its risk sensitivity, internal debates within the Ethereum Foundation, and competition from other blockchains, but recent clarity on Ethereum’s roadmap and its strong adoption in the blockchain space signal a more positive outlook for the duration of 2025.