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| Ethereum upgrade and sell the fact |
| LMAX Digital performance |
| LMX Digital volumes continue to trend well above 30-day average volumes as we get going in August. We had gone through a lull in June and early July, but things are picking back up nicely. Total notional volume for Tuesday came in at $1.2 billion, 33% above 30-day average volume.
Bitcoin volume for Tuesday came in at $646 million, 33% above 30-day average volume. Ether volume came in at $293 million, 37% above 30-day average volume. Average position size for bitcoin was $9,341. Average position size for Ether was $4,272. |
| Latest industry news |
| The long-awaited update on the Ethereum London Hard Fork is scheduled to go live and there is risk we see a sell the fact reaction that weighs on the price over the coming sessions. There has been plenty of demand in anticipation of the event and with the price of ether also trading up into range resistance, the risk for some downside pressure becomes even greater.
Meanwhile, there’s been plenty of tension from the regulatory front in recent days, on account of unfriendly language around crypto in President Biden’s infrastructure bill. But we have seen attempts at pushback that would make the language less broad as far as which crypto participants would be needing to comply. For now, we’ll need to wait and see, which could keep crypto assets well capped over the coming days and weeks. SEC Chair Gary Gensler has also been out on the prowl. While Gensler has been warmer to the idea of crypto than many had anticipated, he’s still committed to stricter regulatory oversight of the space. At a conference hosted by the Aspen Institute, Gensler cited stablecoins and crypto lenders as potential targets. |
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 Social media |
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| @decryptmedia The number of Ethereum addresses that used a DeFi protocol expanded by 65% in Q2. |
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| @TheBlock__ Zooko Wilcox advocates that Zcash should move to proof of stake. |
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