LMAX Digital volumes continue to run healthy in August, with the market showing signs of pushing back towards record volumes seen earlier this year. Total notional volume has been coming in consistently above $1 billion in August, with total notional volume for Monday printing just over $1.2 billion, 10% above 30-day average volume.

Ether volume for Monday was however more impressive than bitcoin. While bitcoin volume held steady on Monday at $613 million, ether volume shot up 21% above average 30-day volume, coming in at $333 million. Average position size for bitcoin on Monday was $8,053. Average position size for ether on Monday came in at $5,519.

Overall, market conditions have been more quiet in recent sessions, this after some volatility around the crypto carve-out in the US infrastructure spending bill. But the takeaway from this event in the previous week was mostly positive, with the crypto lobby making its voice heard, leaving room for plenty of optimism.

At the moment, bitcoin has stalled out ahead of $50,000, perhaps with a little trepidation setting in ahead of the psychological barrier. We believe the biggest short-term risk to crypto assets does come from a potential capitulation in US equities. And with the stock market running hot at record highs, while contending with rising inflation, COVID, and geopolitical risk, this could be something to watch in the sessions ahead.