LMAX Digital volumes were quite thin on Monday. But this wasn’t any surprise, with market activity down across the board on account of the long weekend holiday in the United States. Total notional volume for Monday came in at 796 million, which actually was still somewhat impressive, some 15% above combined volume for Saturday and Sunday.

Total notional volume at LMAX Digital over the past 30 days comes in at $35 billion. Average trading size for Bitcoin over the past 30 days comes in at $9,029. Average trading size for Ether over the past 30 days comes in at 4,071. The average daily trading range for BTCUSD is $2,535. The average daily trading range for ETHUSD is $208.

We’ve warned that China crackdowns and regulatory headwinds could continue to weigh on the crypto market for the remainder of 2021, though we also feel most of the downside risk associated with these themes has been priced in. Our biggest concern for the space at the moment is the concern of a potential shakeup that comes from a sharp reversal in US equities.

Any downside pressure in the US stock market should have some short-term negative effects on crypto, with even Bitcoin at risk given its shorter-term correlations with investor sentiment. Of course, longer-term, Bitcoin’s value proposition is one that should invite support for the asset in periods of risk off, given its deflationary, store of value economics.

At the moment, price action overall has been rather dull, with Bitcoin and Ether confined to familiar ranges and not yet ready for that next major move. There does appear to be some signs of basing, but at this stage, we haven’t seen any technical confirmation, which does leave the door open for additional setbacks.

Some of the stories making headlines over the past 24 hours include President Biden directing a federal investigation in response to the weekend cyberattack where hackers are demanding $70 million, the arrest of a leading member of Brazil’s Bitcoin Banco, and CoinShares acquisition of Alan Howard’s ETF index business.