LMAX Digital volumes were mixed on Monday. Total notional volume for Monday came in at $166 million, 8% below 30-day average volume.

Tight trading ranges and thin summer conditions continue to factor into the lower volumes.

Bitcoin volume printed $104 million on Monday, 2% above 30-day average volume. Ether volume came in at $40 million, 20% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,735 and average position size for ether at $2,754.

Volatility has cooled off following an impressive recovery out from cycle lows. We’re looking at average daily ranges in bitcoin and ether of $597 and $44 respectively.

Intense range contraction has been the story in the crypto market. There has been very little in the way of any fresh updates from the fundamental front, resulting in the directionless price action we’ve been seeing.

One could argue that setbacks have been better supported into dips on the back of improved risk appetite around the globe. Recent China measures and investors focusing in on the more dovish parts of Friday’s Fed Chair speech have accounted for this.

We suspect however that we are getting closer to a break of the range given how tight the contraction has gotten in recent sessions. Whenever ranges get too tight, it’s often a warning sign for a surge in volatility.

As far as what this means for direction is a completely different story. But we have highlighted the key levels to watch above and below in bitcoin, with a break on either side to open the next directional move.

On a positive note, e-commerce giant Shopify, has integrated USDC payments into its platform. This will invite millions of businesses and customers to take on exposure to crypto, which ultimately should be supportive of the asset class.