LMAX Digital volumes came off from earlier prints this week but were still well above 30-day average volume. Total notional volume for Wednesday came in at $623 million, 29% above 30-day average volume.

Bitcoin volume printed $388 million on Wednesday, 36% above 30-day average volume. Ether volume printed $163 million, 39% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,963 and average position size for ether at 3,260.

Volatility has come off recent highs but still sits well off multi-month lows. We’re looking at average daily ranges in bitcoin and ether of $1,146 and $80 respectively.

We continue to see healthy demand for crypto assets this week, despite traditional market forces that have weighed on global sentiment.

At the core, we believe a lot of this can be reconciled by the fact that concerns about vulnerabilities in the banking sector are putting a positive spotlight on crypto’s value proposition.

Nevertheless, should the shakeup in traditional markets intensify, we would expect to see some weakness filter over into crypto.

Technically speaking, we’ve been highlighting for some time the importance of bitcoin resistance at $25k. Despite recent pokes above, we’ve yet to see the price establish back above the psychological barrier.

If bitcoin can establish a weekly close back above $25k, we believe this will strengthen the bullish outlook and set the stage for the next big run back towards the record high.

If however we don’t see the market establishing above $25k, it could very well suggest that we should be in for a longer period of correction and consolidation.