LMAX Digital volumes have been softer this week. Total notional volume for Wednesday came in at $267 million, 29% below 30-day average volume.

Bitcoin volume printed $109 million on Wednesday, 45% below 30-day average volume. Ether volume came in at $96 million, 4% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,135 and average position size for ether at 2,957.

Volatility is finally showing signs of turning up from multi-month lows. We’re looking at average daily ranges in bitcoin and ether of $719 and $67 respectively.

Crypto prices have been notably weaker in recent sessions. We believe there are a number of factors that could be contributing to the latest slide.

On a macro level, the downside pressure in stocks from a repricing of Fed bets that now reluctantly concede peak rates in the US exceeding 5%, has filtered over into the crypto market.

There are also a couple of stories in the crypto world that could be making market participants a little more jittery.

On Wednesday, there was more attention around a story that Kraken is facing an SEC probe over unregistered securities. However, this probe is at an advanced stage and most expect it will be resolved with a settlement in the days ahead.

And perhaps more concerning, though only speculation at this time, is the story out of Coinbase that the company has been hearing rumors the SEC may ban crypto staking for retail clients in the US.

The news is a worry for the crypto market as there is fear it could ultimately lead to regulatory decisions that end up stifling innovation and opportunity within the space.