LMAX Digital volumes were a little lighter in a thin summer Monday session. Total notional volume for Monday came in at $375 million, 6% below 30-day average volume.

Bitcoin volume printed $248 million on Monday, 8% above 30-day average volume. Ether volume came in at $78 million, 28% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,144 and average position size for ether at $3,274.

Market volatility has cooled off after an impressive run higher in early August. We’re looking at average daily ranges in bitcoin and ether of $2,840 and $151 respectively.

On Monday, we highlighted the fact that the fundamentals in the crypto space and on the macro front were looking quite healthy despite what had been lackluster performance in crypto assets.

Today, it looks like crypto prices are in the mood to catch up with those fundamentals.

Technically speaking, things will get a lot more encouraging if bitcoin can climb back above $62,800 and ETH can overtake $2,800.

In yesterday’s report, we talked about Goldman and Morgan Stanley exposure to bitcoin ETFs, crypto integrations at Mastercard and Apple, and signs of the Democrats looking to build a more crypto friendly campaign.

The market should also be feeling good about the bitcoin ETFs closing in on total holdings of 1 million bitcoin and super low ETH transaction fees.

The last time ETH transactions fees were as low as they’ve been it led to a massive run higher in the price of ETH over the next 12 months.

On the macro front, risk appetite has been running strong as prospects for a soft landing in the US economy continue to improve.

The combination of stronger US economic data and expectations the Fed will still need to offer up more rate cuts than less is a combination that should continue to support a favorable risk environment.

All things considered, the stage has been set for wider adoption of crypto assets in 2024 and we suspect there should be plenty of demand that follows in the months ahead.