Total notional volume at LMAX Digital was fairly steady in the previous week. Total notional volume from last Monday through Friday came in at $2.5 billion, just 1.6% lower than the week earlier.

Breaking it down per coin, Bitcoin volume came in at $1.44 billion in the previous week, 0.39% lower than the week earlier. Ether volume came in at $729 million, 1.2% higher than the week earlier.

Total notional volume over the past 30 days comes in at $12.12 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,705 and average position size for ether at $2,979.

Volatility has come back down after recently trading up to yearly high levels. We’re looking at average daily ranges in bitcoin and ether of $952 and $76 respectively.

As we come into the new week, crypto markets are looking a little more offered than not. Recent gains have been met with some selling pressure and it does appear as though there is risk for a deeper corrective move in the sessions ahead.

Overall, the outlook remains constructive, both technically and fundamentally. But short-term, there have been some developments which have weighed on prices and could still weigh a little more.

The primary catalysts for this run of short-term weakness come from Fed policy expectations and ramped up regulatory concerns that translate to lack of transparency and clarity with respect to players being able to navigate through crypto waters.

As far as Fed policy goes, if the Fed keeps up with a more hawkish leaning bias, leaving the door open to more rate hikes ahead, this will open yield differentials to move further in favor of the Buck, which in turn will weigh on crypto assets.

And on the regulatory front, developments weren’t all that encouraging last week, with SEC Chair Gensler refusing to answer direct questions around the designation of Ethereum as a security or commodity.

The ongoing lack of clarity is incentivizing US players to think about taking business elsewhere. An example of this is Coinbase threatening to leave the US market entirely and making the decision to get licensed in Bermuda as soon as this week.