Total notional volume at LMAX Digital cooled off in the previous week though there was some exception to this. Total notional volume from Monday through Friday came in at $4.3 billion, off 20% from a week earlier.

Breaking it down per coin, Bitcoin volume came in at $2 billion in the previous week, off 37% from the week earlier. Ether volume was the exception, coming in at $1.99 billion, up 18% from the week earlier.

Total notional volume over the past 30 days comes in at $25.1 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,849 and average position size for ether at $6,547.

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 $1,949 and $196 respectively.

We haven’t seen much of a breaking away of that shorter-term correlation between crypto and global risk sentiment. At the end of last week, stocks came under pressure and weighed on crypto assets as a consequence.

As the new week gets going, US equity futures are putting in an impressive recovery, with the rebound inspiring a rebound in bitcoin and ether. But overall, when looking at the charts, the pressure does still remain on the downside.

If we’re to use bitcoin as a proxy for market direction, at the moment, bitcoin has stalled out at the February high, which still needs to be considered as a possible next lower top for a retest of the yearly low.

We would need to see a break back above the February high to suggest we could be heading higher again. Fundamentally, it seems more diffused tension on the geopolitical front around Russia and the Ukraine has been helping to bolster sentiment.

It’s worth noting, volume could be thinner on this Monday with many US market participants off the desks for the long holiday weekend.