LMAX Digital volumes cooled off overall on Wednesday. Total notional volume for Wednesday came in at $296 million, 13% below 30-day average volume.

Bitcoin volume printed $120 million on Wednesday, 34% below 30-day average volume. Ether volume came in at $124 million, 19% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,982 and average position size for ether at $4,526.

Market volatility has bottomed out in July after trending lower since the March peak. We’re looking at average daily ranges in bitcoin and ether of $2,385 and $150 respectively.

Bitcoin and crypto assets have come under intense pressure this week. At the same time, it’s quite clear the setbacks are more about bigger picture macro forces, with global financial markets in turmoil.

Concerns around the health and outlook for the global economy have intensified amidst softer economic data, downbeat US earnings, and ineffective accommodative central bank moves.

Consequently, there has been nowhere to hide, with most major assets across currencies, commodities and stocks relenting to traditional safe havens.

But as per our technical insights, the setbacks we’re seeing in crypto assets are nothing more than a minor blip within a strong uptrend.

As a reminder, even with the latest setbacks, bitcoin and ether are up 52% and 40% year-to-date. This is in contrast to an S&P500 up 10% year-to-date.

Indeed, we are still in the throes of an ongoing Mt. Gox repayment schedule that has resulted in a persistent round of bitcoin selling pressure this month.

Nevertheless, we believe the market has done a good job pricing this event in and taking it in stride.

Looking ahead, bitcoin will be looking for some inspiration from the Bitcoin Conference, which kicks off today and runs through the weekend.

There has been a lot of chatter around announcements that could provide a big boost for bitcoin and crypto assets, including a warm address from Donald Trump.