LMAX Digital volumes got off to a lighter start this week. Total notional volume for Monday came in at $502 million, 22% below 30-day average volume.

Bitcoin volume printed $300 million on Monday, 24% below 30-day average volume. Ether volume came in at $113 million, 32% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $10,084 and average position size for ether at $4,412.

Market volatility has been in cool down mode since peaking in March. We’re looking at average daily ranges in bitcoin and ether of $2,944 and $165 respectively.

There are many out there calling for the start to a fresh easing cycle across many of the major central banks. The SNB may have gotten the ball rolling, and we’ve definitely seen a shift back in this direction when it comes to Fed policy expectations in recent days.

All of this is supportive of crypto assets because it translates to yield differentials moving out of the US Dollar’s favour and into the favour of other currencies, including cryptocurrencies. Beyond the yield differential catalyst, there is also the accompanying risk on flow, which has been known to offer additional fuel to crypto rallies.

One investment research firm has been out talking about its bitcoin bullishness, targeting a $150,000 bitcoin price by the end of 2025, citing positives around the ETF inflows, new encouragement for corporate treasuries to be buying bitcoin, a steady post-halving rate, healthy transaction fees, and reasonable prices for mining equipment.

We’ve also been hearing bullish talk out of Deutsche Bank who cite the bitcoin ETFs, central bank policy accommodation and more favourable regulation as positive drivers in the months ahead.

As far as seasonal trends go, it’s worth highlighting some impressive overall performance in the month of May. Bitcoin has posted gains exceeding 10% on average since 2014 during the month of May. This is the third best performance month over this timeframe behind April and October.

This supports recent price action which could be showing the formation of the next higher low ahead of a fresh upside extension back towards and through the recent record high from March.