LMAX Digital volumes were healthy on Wednesday. Total notional volume for Wednesday came in at $451 million, 44% above 30-day average volume.

Bitcoin volume printed $237 million on Wednesday, 38% above 30-day average volume. Ether volume came in at $137 million, 80% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,036 and average position size for ether at 2,634.

Volatility is finally showing signs of turning up from multi-month lows. We’re looking at average daily ranges in bitcoin and ether of $734 and $68 respectively.

Fundamentally, there hasn’t been a whole lot going on this week. Most of the price action is consistent with what we’ve been seeing in traditional markets. On net, there’s been some choppy consolidation, with bitcoin and ether well supported into dips.

We think this will be the way things go for the remainder of the week and would recommend keeping an eye on the direction in US equities for an indication of where we could be headed next on the crypto front.

Bitcoin technicals are really looking stretched at current levels, though it also feels like the market could put in one more jump to challenge next critical resistance at $25,220 before finally relenting.

We have been somewhat surprised to see how well financial markets have been holding up overall when considering weak US earnings, renewed geopolitical tension, and ongoing hawkish Fed communications.

As far as today goes, we get a healthy batch of first tier economic data out of the US that includes GDP, durable goods, initial jobless claims, and new home sales.