LMAX Digital volumes got off to a slower start this week. Total notional volume for Monday came in at $416 million, 16% below 30-day average volume.

Bitcoin volume printed $255 million on Monday, 15% below 30-day average volume. Ether volume came in at $85 million, 27% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,246 and average position size for ether at 3,402.

Volatility has turned up nicely in recent sessions and, trading to a fresh yearly high. We’re looking at average daily ranges in bitcoin and ether of $1,249 and $84 respectively.

We’re coming out of a Monday session where there was a clear round of underperformance in crypto assets. The primary driver was seen coming from the headlines around a filed CFTC lawsuit against Binance.

As per the story, the CFTC claims Binance offered illegal trading services to US clients – services that would have required the company to be registered as a futures commission merchant.

Given Binance has a large market share in the industry, it comes as no surprise to see the market reacting as it has. At the same time, crypto assets have been well supported on dips, and none of this is expected to have any meaningful negative impact on the space.

On a positive note, we’re coming down to the end of March, and as we look ahead to April, past results would suggest it could be a good month. Looking at April performance from 2016 to present, bitcoin has been up an average monthly rate of about 21%.

Technically speaking, we do see room for some short-term pullback in the sessions ahead. Our technical note in today’s report touches on this, with bitcoin in position to retest previous resistance in the $25k before finding that next higher low and turning back to the topside.