LMAX Group digital asset volumes cooled off in the previous week. Total volume from Monday to Friday came in at $4.4 billion, 28% lower than a week earlier.

Breaking it down per coin, bitcoin volume came in at $3.7 billion, 30% lower. Ether volume came in at $275 million, 10% lower from the week earlier.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $4,709 and average position size for ether at $2,336.

Volatility has ticked up a bit in recent sessions but remains in contraction mode overall since rebounding sharply from its August low. We’re looking at average daily ranges in bitcoin and ether of $2,188 and $92 respectively.

Bitcoin and Ether remain under pressure into Monday, extending the decline from September’s recovery highs.

Last week’s unwind in AI stocks added to the pressure on risk assets. US equity futures have firmed into Monday, but Bitcoin and Ether have yet to find much relief.

The Binance hack continues to weigh on confidence, while the US midterms have raised the prospect of tougher congressional scrutiny of digital assets.

Stronger-than-expected US jobs data has reinforced expectations for a December Fed hike, while uncertainty over Iran keeps oil and inflation risks in play ahead of this week’s US inflation report.

For all the recent weakness, we still view the decline as a correction within the broader recovery from the major cycle low earlier this year.

For Bitcoin, the immediate test is the 200-day moving average near $73,150. For Ether, the key level is around $1,980, where former resistance should now act as support.

With sentiment increasingly bearish and much of the recent bad news likely reflected in prices, we see the balance of risk beginning to tilt back to the upside as those levels come into view.

That view hinges on support holding. A sustained break below those levels would call the broader recovery into question.