Total notional volume at LMAX Digital was up in the previous week. Total notional volume from Monday through Friday came in at $4.9 billion, up 14% from a week earlier.

Breaking it down per coin, Bitcoin volume came in at $2.8 billion in the previous week, up 37% from the week earlier. Ether volume was the exception, coming in at $1.8 billion, off 12% from the week earlier.

Total notional volume over the past 30 days comes in at $23.4 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $10,625 and average position size for ether at $6,647.

Volatility has cooled off in recent weeks after topping out in December. We’re now looking at average daily ranges in bitcoin and ether of $2,194 and $269 respectively.

As we come into the new week, we’re looking at a crypto market still very much tied to the fate of US equities. We’ve said many times that we don’t expect this correlation to last much longer, given crypto’s longer-term value proposition. But for now, this is the way things will be.

At some point in the weeks ahead, we anticipate we will start to see a shift, with bitcoin tracking more as a store of value asset and most probably more closely correlating to gold. Though ether is a different animal, and more risk correlated, we do see the market also wanting to trading into the currency given the technology play and deflationary nature of the asset.

A couple of interesting stories out there come out of the US. US Senator Ted Cruz has said he is bullish on bitcoin because of its decentralized properties. We’ve also heard about a Goldman Sachs executive Roger Bartlett leaving the traditional financial markets world to work at Coinbase to run Global Financial Operations.

Technically speaking, as per today’s update, the pressure does remain on the downside. Bitcoin and ether have both been consolidating in recent sessions, though the consolidation is classified as a bearish consolidation with the focus remaining on a retest of the respective yearly lows.