LMAX Digital volumes were up overall as the week got going. Total notional volume for Monday came in at $447 million, 2% above 30-day average volume.

Bitcoin volume printed $292 million on Monday, 16% above 30-day average volume. Ether volume came in at $100 million, 12% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,415 and average position size for ether at 3,163.

Volatility has been trending lower in correction mode after peaking out at a yearly high in March. We’re looking at average daily ranges in bitcoin and ether of $895 and $89 respectively.

A wave of bullish US Dollar developments have resulted in broad based demand for the Buck, which has opened some short-term weakness in cryptocurrencies following an impressive run.

Overall, bitcoin and ether continue to outperform all other major traditional assets in 2023, though hawkish Fed comments and ramped up May rate hike odds have weighed a little in recent sessions.

Technically speaking, there’s no important support for bitcoin until $26,525, and while above this level, the structure remains highly constructive.

As far as ether goes, there’s no major support until down around $1,820, with the uptrend firmly intact while above this level.

One interesting macro development to pay attention to this week has been the ability for stocks to continue to hold up well despite the broad US Dollar demand.

We believe this does warrant exercising some caution going forward, as any signs of investors becoming a little more worried about higher rates again, could open renewed downside pressure, which could then weigh some more on crypto assets by extension.

Yet, even if we do see such weakness, the narrative has shifted in a more positive light this year, with all of the fallout in the traditional banking sector inviting more attention to the benefits of investing in crypto.

Meanwhile, Ethereum continues to feel better than most had expected in the aftermath of the latest upgrade. Total withdrawals post upgrade have been far less intense than what was being priced in the leadup to the event.