Total notional volume at LMAX Digital turned a little lower in the previous week. Total notional volume from last Monday through Friday came in at $2.25 billion, 0.75% lower than the week earlier.

Breaking it down per coin, Bitcoin volume came in at $1.27 billion in the previous week, off 6% from a week earlier. Ether volume came in at $726 million, holding steady with volume from the week earlier.

Total notional volume over the past 30 days comes in at $13.1 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,757 and average position size for ether at $2,744.

Volatility is still struggling to show signs of picking back up. We’re looking at average daily ranges in bitcoin and ether of $884 and $120 respectively.

Bitcoin put in its largest daily gain in six months this past Friday, getting a boost from the big recovery in US equities and broad based selling in the US Dollar.

But overall, none of the price action should be taken as anything all that encouraging just yet, with the trend still pointing to the downside and suggesting we’re simply looking for the next lower top ahead of a bearish resumption.

Recent blockchain data isn’t necessarily all that encouraging either right now. We saw some $200 million worth of bitcoin move in two transactions, this the first activity for these accounts in at least seven years. Though the data alone doesn’t mean anything, it could warn of an intent to be moving out of bitcoin.

On a positive note, MicroStrategy is back in the news, announcing its intention to sell up to $500 million in stock to fund more purchases of bitcoin. Fidelity has also been making headlines, as it plans to offer bitcoin trading for retail customers in November. And Franklin Templeton is set to offer crypto focused separately managed accounts to investment managers for the first time.

Technically speaking, the bitcoin August high is the critical level to watch above. Until the market can get back above that high around $25,220, we remain in a bearish consolidation off the yearly low, leaving the door open for deeper setbacks.