LMAX Digital volumes got off to a healthy start this week. Total notional volume for Monday came in at $517 million, 15% above 30-day average volume.

Bitcoin volume printed $274 million on Monday, 1% above 30-day average volume. Ether volume came in at $206 million, 47% above 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 2,915.

Volatility has been showing signs of picking up off yearly lows. We’re looking at average daily ranges in bitcoin and ether of $1,044 and $119 respectively.

All of the Monday fallout in China has unquestionably had a negative impact on crypto assets. China economic data was super soft and the PBOC was out with an interest rate cut in an effort to stimulate the economy.

Interestingly enough, US equities were able to see the silver lining in all of this, or at least hoped to find the silver lining, on the expectation that we will see more moves in the direction of less aggressive monetary policy tightenings from the likes of the Fed and other major central banks.

The reaction in US equities definitely helped to soften the blow for crypto assets. But at the same time, as per our Monday commentary, we’re worried stocks have once again run too far and fast, leaving the door open for another downturn, which could then open more severe downside pressure on crypto assets.

Looking ahead, a lot of the focus this week will be on the release of the Fed Minutes, due late Wednesday. The market will be looking for more clarity as far as the Fed communication goes, and how this plays out could very well influence the next big move in crypto.