LMAX Digital volume was healthy overall in Monday trade. Total notional volume managed to push back above the $2 billion mark, also resulting in volume of 1% above 30-day average volume.

Bitcoin volume came in at $1.4 billion on Monday, up 39% from 30-day average Bitcoin volume. Ether volume was however a disappointment, coming in at $350 million, 39% below 30-day average Ether volume.

Total notional volume at LMAX Digital over the past 30 days comes in at $59.5 billion. Average trading size for Bitcoin comes in at $13,792. Average trading size for Ether comes in at $4,705. The average daily trading range for BTCUSD is $3,350. The average daily trading range for ETHUSD is $285.

There’s been plenty of good news in the crypto space over the past 24 hours and the market has certainly been taking advantage. Bitcoin has rallied back above $40,000 to take out some buy-stops.

Now that we’ve cleared the barrier, it will be interesting to see if these short-term fundamental rally catalysts can fuel a more meaningful sustainable recovery above $40,000.

As far as these positive catalysts go, they include MicroStrategy unveiling a $1 billion stock offering in an effort to accumulate more Bitcoin, Paul Tudor Jones increasing his overall exposure to Bitcoin, a survey showing hedge fund managers expecting to hold 7% of assets in crypto within 5 years, and bullish talk from Mark Cuban around the future of DeFi.

At the same time, while the price action has been encouraging, we think it would be premature to assume we’ve bottomed out. Technically speaking, we’d like to see if the market can hold above $40,000 over the coming sessions before feeling better about the prospect for a base.

Fundamentally, we’re still concerned about short-term downside risk associated with a correction in extended US equities and regulatory headwinds.