Total notional volume at LMAX Digital improved in the previous week. Total notional volume from last Monday through Friday came in at $2 billion, 3% higher than the week earlier.

Breaking it down per coin, Bitcoin volume came in at $1.1 billion in the previous week, 9% higher than the week earlier. Ether volume came in at $644 million, 8% higher than the week earlier.

Total notional volume over the past 30 days comes in at $8.84 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,032 and average position size for ether at $2,978.

Volatility is showing signs of picking back up in recent sessions after trading down to the lowest levels since earlier this year. We’re looking at average daily ranges in bitcoin and ether of $844 and $59 respectively.

Indeed, the crypto market is coming out of a tough week where it took a hit on the news around the SEC suits against Binance and Coinbase. At the same time, when considering the extent of the pullback thus far, the fallout has arguably been well contained.

Had we seen news like this in the crypto space a year or two back, it would have likely resulted in a much more significant shakeup, with setbacks easily extending well into the double digits for bitcoin and eth.

And so, the takeaway is that while the news has been disruptive to a degree, it isn’t something the market wasn’t expecting, and this is all a part of a long process working towards figuring out the best regulatory framework for crypto in the US.

On a positive note, the move towards regulation has been going much smoother in the UK, where the climate has been much more welcoming of web3. Both a16z and Andreessen Horowitz have announced plans to open offices in the London.

Looking ahead, we wouldn’t rule out the possibility for more weakness over the coming sessions. Though interestingly enough, it may not come from regulatory headlines. Instead, we think a lot of the focus will shift to this week’s Fed decision.

If the market gets a more hawkish leaning communication from the Fed, it could trigger a wave of profit taking in stocks, which could then open some downside pressure on crypto assets.