LMAX Digital volumes got off to a solid start this week. Total notional volume for Monday came in at $617 million, 14% above 30-day average volume.

Bitcoin volume printed $372 million, 20% above 30-day average volume. Ether volume came in at $124 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 $9,139 and average position size for ether at $2,457.

Bitcoin and ETH volatility have been in cool down mode since peaking in October. We’re looking at average daily ranges in bitcoin and ether of $3,625 and $176 respectively.

As we come into Tuesday, bitcoin is trading with a firmer tone, supported by renewed inflows into spot ETFs and improving liquidity conditions across major venues.

Market positioning remains relatively light, but derivatives activity is picking up, with open interest grinding higher and funding rates normalizing after this latest leverage reset.

The macro backdrop is lending a supportive undertone, with markets leaning toward a Fed rate cut even as US manufacturing data remains mixed and Treasury yields stay choppy.

A softer dollar is helping sustain risk appetite, while traders remain hypersensitive to incoming inflation data and Fed commentary that could shift expectations.

The ongoing steepening in the Treasury curve has done little to weigh on crypto, underscoring a view that current macro conditions are still broadly constructive for digital assets.

Within the crypto ecosystem, attention is centered on ETF inflows, rising on-chain activity, and a rebound in stablecoin issuance—signals that institutional demand remains durable.

Bitcoin dominance continues to inch higher, highlighting a preference for liquidity and scale as investors tread carefully around altcoins.

ETH sentiment remains supported by optimism around scaling upgrades and healthy L2 network activity, even in the face of the latest round of setbacks.

Global political developments are also providing marginal support, with markets encouraged by signs of easing geopolitical tensions in Asia and no major escalation in the Middle East.

Regulatory noise has been muted, and ongoing US discussions around taxation and oversight appear unlikely to shift near-term market dynamics.

Overall, crypto comes into Tuesday with a constructive bias, though traders remain cautious ahead of key economic releases that could test the resilience of the current risk-on tone.