LMAX Digital volumes got off to a slow start this week. Total notional volume for Monday came in at $206 million, 49% below 30-day average volume.

Bitcoin volume printed $109 million on Monday, 54% below 30-day average volume. Ether volume came in at $58 million, 46% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,601 and average position size for ether at 2,862.

Volatility has been trending lower in correction mode after peaking out at a yearly high in March. We’re looking at average daily ranges in bitcoin and ether of $848 and $59 respectively.

The market continues to be locked in some tight trade, with the resulting price action driving implied volatility down.

Participants have been on the sidelines, and as per our technical insights, are clearly waiting for a break of some key bitcoin levels before making any fresh decisions about direction.

Fundamentally, there haven’t been too many updates in recent sessions, and most of the attention has been on all things macro, with the US debt ceiling drama and Fed policy outlook front and center.

Of course, while all of this is going on, the crypto market is desperate for more clarity from the regulatory side, particularly out of the US.

We have seen many stories around major operations within the US considering alternatives abroad where there is a clearer regulatory framework.

Overall, given how tight trading ranges have been of late, we do anticipate we are getting closer to a point where we will indeed see some key levels broken and major pickup in activity.