LMAX Digital volumes cooled off on Wednesday. Total notional volume for Wednesday came in at $434 million, 4% below 30-day average volume.

Bitcoin volume printed $203 million, 6% below 30-day average volume. Ether volume came in at $97 million, 15% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,345 and average position size for ether at $3,006.

Bitcoin volatility is still tracking just off recent yearly lows, while ETH volatility has been holding steady since bottoming in May. We’re looking at average daily ranges in bitcoin and ether of $2,780 and $130 respectively.

There has been no change to the technical picture, which continues to be supportive of another run to the topside in the days and weeks ahead. This applies to bitcoin, ETH and the broader crypto asset class.

Bitcoin is in a bullish consolidation below the record high and waiting for the next breakout towards a target extension objective at $145,000.

ETH is still well off its record high from 2021 but has been showing it wants to get back there as it plays a game of catchup. ETH will be looking to push back above $2,900 so it can begin its journey to a next extension target at $3,400.

This week’s passage of the stablecoin bill in the US Senate reflects the bullish outlook for the crypto space. We continue to see positive regulatory progress around the globe as well, which should welcome more clarity and a friendlier overall environment for crypto investing.

As far as the macro goes, crypto has held up well in the face of geopolitical strain. And as we’ve highlighted this week, we believe the worst is out of the way, which should help to accelerate demand.

We’re also coming out of a Fed decision which came off broadly in line with expectation. The dot plot still shows two more rate cuts this year (albeit by a thin margin), which should be supportive of risk assets, despite any offsetting hawkish takeaways by way of the dot plot further out and Fed Chair comments.

As a final note, seasonal trend analysis shows that June has been a flat month through the years with respect to bitcoin performance.

Now that we’re coming closer to the end of the month, investors can start to look forward to a second half of the year, where historical performance has been strong.