Volumes at LMAX Digital continue to pick up in a big way as we head into the end of July. Total notional volume for Wednesday came in at $1.74 billion, 114% above 30-day average volume. Bitcoin volume came in at $1.2 billion, 147% above 30-day average volume, and ether volume came in at $258 million, 25% above 30-day average volume.

Total notional volume over the past 30 days has pushed up to $24.3 billion. We’re also seeing a corresponding jump in average trade size. Average trade size for bitcoin was $11,544 on Wednesday, 51% above 30-day average trade size, while average trade size for ether jumped to $5,135 on Wednesday, 56% above 30-day average trade size.

A lot of talk around the drafting of a new infrastructure bill in US Congress looking to raise $30 billion through crypto taxes. There has been plenty of pushback within the community around the current draft, which is proving to be far too broad, extending the definition of ‘broker’ well beyond transactions at centralized exchanges.

But as of yet, there are no signs of this having any significant weighing influence on price action this week, with crypto assets well supported and knocking on the door of some major resistance levels.

Bitcoin is contemplating a push through the June high, which if achieved, would be a constructive development. Meanwhile, ether is looking to establish back above the high from earlier this week.

We do however continue to warn of risk associated with a fallout in US equities in the aftermath of the Fed decision. If investors become more worried about the outlook and start heading for the exits, there could be a short-term negative runoff effect on crypto markets given some correlation with overall risk sentiment.