Total notional volume at LMAX Digital cooled off quite a bit in the previous week, mostly on account of some super tight trading conditions.

Total notional volume from last Monday through Friday came in at $1.4 billion, 46% lower than the week earlier.

Breaking it down per coin, Bitcoin volume came in at $828 billion in the previous week, 49% lower than the week earlier. Ether volume came in at $316 million, 48% lower than the week earlier.

Total notional volume over the past 30 days comes in at $10 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,682 and average position size for ether at $2,920.

Volatility has been trending lower and has dropped to the lowest since back in January and February. We’re looking at average daily ranges in bitcoin and ether of $722 and $53 respectively.

For many days now, we’ve highlighted the consolidation in the price of bitcoin, while warning a break on either end would likely open the door for the next healthy move.

Unfortunately, that break has played out to the downside, with the price dropping below consolidation support earlier today. And as per our technical insights, the break could now open the door for deeper setbacks towards $25k.

At this stage, we recommend waiting to see where the dust settles today. Daily closes are good confirmation indicators and we will wait to see if the price of bitcoin closes below consolidation support for additional clarity.

Should the market recover swiftly and close back above consolidation support at $29,420, it could reflect a false breakdown and leave the consolidation intact.

Fundamentally, we haven’t seen much in the way of headlines to weigh on the market other than fear around a possible SEC appeal and reversal in the favorable US court ruling on XRP.

However, we believe such fears are overstated as an appeal would likely take a couple of years before a final decision were rendered, and even then, there would be alternative ways to prove XRP was not a security.

Otherwise, the market focus for the week ahead will be on updates around BlackRock’s ETF approval, and focus on all things global macro with three major central bank decisions coming from the Fed, ECB, and BOJ.