Volume at LMAX Digital has rocketed higher this week, with total notional volume already exceeding $6.4 billion from Monday to Wednesday. Tuesday volume was super impressive, with bitcoin volume coming in just under $2 billion and ether volume clearing a yard.

And while things cooled off on Wednesday, volume was still well above 30-day average volume across the board. Total notional volume was 42% above 30-day average volume, bitcoin volume was 22% above 30-day average volume, and ether volume was 66% above 30-day average volume.

Total notional volume at LMAX Digital over the past 30 days comes in at $37.5 billion. Average position sizes for bitcoin and ether over the past 30 days come in at $9,950 and $4,914 respectively.

A lot of the pullback in crypto assets over the past few sessions has been attributed to more regulatory headwinds out of the US.

The headlines around the battle between the SEC and Coinbase have gotten a lot of attention and the market will be wanting to know the direction the SEC will take with respect to what exactly falls under the definition of a security.

Of course, the setbacks in the market have also been exacerbated by the unwinding of heavy leveraged long positions, something we saw earlier this year when the market sold off from record highs.

Another factor playing into cryptocurrency weakness has been the weakness in US equities this week. Cryptocurrencies are still considered by many to be risk correlated, emerging assets, and therefore, downside pressure in the stock market is having a negative impact on crypto.