LMAX Digital volumes got a huge boost on Monday, putting in the strongest performance in September thus far. Total notional volume for Monday came in at $337 million, 77% above 30-day average volume.

Bitcoin volume printed $223 million on Monday, 85% above 30-day average volume. Ether volume came in at $93 million, 81% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,529 and average position size for ether at $2,308.

Volatility is holding up after recovering from cycle lows in August. We’re looking at average daily ranges in bitcoin and ether of $661 and $43 respectively.

Monday’s price action in crypto markets was impressive, though we did see some selling into the rally. We believe some of this selling could have been around discouraging updates from the US regulatory front.

Senator Warren, a well known crypto critic, is trying to push through a bill viewed by many industry participants as overbearing, stifling and counterproductive. The bill still lacks significant support but has gained the support of twelve senators thus far.

If approved, the bill would require crypto firms to implement KYC policies, while extending the Bank Secrecy Act framework to wallet providers, miners, and validators. Ultimately, such a bill would be a setback for crypto innovation in the US.

Nevertheless, the technical picture has been a lot brighter of late, with the focus shifting back to the topside and towards important bitcoin resistance up at $28,200.

If the market can push through $28,200, it will take more pressure off the downside and open the door for a fresh wave of bullish momentum back towards a retest of the yearly high.