Why would the digital optical output from my CD player be louder than that of my streamer?

I thought that a digital output audio signal didn't have volume info encoded in it; ie, that the bit depth tells you the dynamic range of recorded sound, from 0 to highest volume, but does not tell the downstream devices how loud the sound should be (ie, what you actually hear, in SPL).  In other words, the volume would be entirely determined by the preamp (after the DAC converts it from digital to analog), not by the digital output source.
But I'm finding that the digital (Toslink) output of my Cambridge CD player is noticeably louder than that of my Bluesound Node, after going thru the same DAC and preamp. Is my assumption of the digital signal having no volume info wrong?

Are you streaming a local file that was ripped from the same CD?

I see a few possibilities.

1) The content from your steamer is a different mastering of the same album 

2) the streaming service is adjusting the digital levels as part of their delivery technology. 

3) The bluesound node incorporates a digital volume control and it's not actually bit perfect when the volume is at 100% or set to fixed. 


Interesting possibilities -- I especially liked #3, which made me think of a setting in the BluOS app that I hadn't played with before.  Under the app's Settings, if you go to the Audio tab they have a setting for Volume Limits (dB), that is set by default to a min of -80 and a max of -10.  I pushed it up the max limit to 0 dB, and voila, it's louder -- but now it's louder than the CD player! 

I have heard that Bluesound controls the volume by changing the number of bits per sample (if I'm wrong, hopefully someone on this forum will let me know), but I would expect that to affect the quality of the signal, not the volume.  Can someone set me straight?