LMAX Digital volumes are off to a slow start this week. Total notional volume for Monday came in at $965 million, 23% below 30-day average volume.

Bitcoin volume printed a lowly $473 million, 28% below 30-day average volume. Ether volume was even more unimpressive, coming in at $231 million, 43% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $14,549 and average position size for ether running up to $7,613.

Volatility has been slowly picking up since finding a bottom in July. We’re now looking at average daily ranges in bitcoin and ether of $2,795 and $211 respectively.

We’re seeing record high prices into Tuesday, though this latest surge in bitcoin and ether have not been accompanied by a whole lot of volume.

As per our commentary above, volumes have come off quite a bit from 30-day average levels and the data suggests the bullish price action should be taken with a grain of salt.

We’ve also warned about our concerns with rocketing US equities, as we believe there could be a capitulation on the horizon.

Such a severe pullback would most probably have a short-term negative impact on crypto assets given shorter-term correlations with risk sentiment.

Technically speaking, both bitcoin and ether are somewhat extended and a correction over the coming sessions should also not be ruled out.

All of this suggests the best strategy in the days ahead is to sit back and look for opportunities to increase exposure into that next dip.