LMAX Digital volumes have been super impressive to start the week. Total notional volume for Monday had come in over 2 yards, also some 60% above 30-day average volume. This was followed up on Tuesday with total notional volume just under 2 yards at $1.96 billion.

The increase in volume has been consistent across the major crypto markets. Both bitcoin and ether volumes have been trading well over 50% above 30-day average volumes this week.

Bitcoin volume exceeded a yard on Monday and Tuesday. Ether volume was above a half a yard on Monday and Tuesday, closer to $600 million on both days.

Average position sizes have been holding steady throughout the pickup in volume. On Tuesday, average position size for bitcoin came in at $9,655. Average position size for ether came in at $4,927.

Crypto assets are trying to recover after coming under intense pressure in recent sessions.

The selling has been brought on mostly from macro forces, with bitcoin sinking below the $40,000 barrier on Tuesday as traditional risk assets falter on China woes and expectations around today’s Federal Reserve meeting.

It’s important to remember that crypto assets are still considered by many to be emerging assets. This extends to bitcoin as well, despite the longer-term value proposition as a store of value play.

And so, for the time being, periods of intense risk off in global markets will translate to downside pressure on crypto assets.

Other forces at play also weighing on the space right now are the regulatory uncertainty and regulatory headwinds.

Crypto investors are still waiting for clarity here and until we are able to see where the chips fall, it will prevent the market from feeling fully comfortable in moving on towards realizing its full potential.