Total notional volume at LMAX Digital held steady in the previous week. Total notional volume from Monday through Thursday came in at $4.3 billion, as compared with $4.4 billion from a week earlier.

But when breaking it down via the major coins, things were more impressive. Bitcoin volume came in at $2.2 billion in the previous week, up 6% from the week earlier. Ether volume came in at $1.6 billion, up 15% from the week earlier.

Total notional volume over the past 30 days comes in at $35 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,906 and average position size for ether at $8,109.

Volatility has been slowly picking up since finding a bottom in July. We’re now looking at average daily ranges in bitcoin and ether of $2,822 and $285 respectively.

Shorter-term correlations between bitcoin and stocks continue to run up into year end. With stocks looking heavy and correcting off record highs, this opens the door for the possibility of deeper setbacks ahead for crypto assets.

As a reminder, we’re coming out of a week where there was a clear expression of policy divergence between the Federal Reserve and other major central banks. This policy divergence lends itself to a risk off backdrop, with higher rates in the US making equity market valuations less attractive.

On a positive note, Goldman Sachs was out with commentary on the blockchain, saying it was one of the most disruptive technologies since the advent of the internet.

Technically speaking, as per our commentary above, recent price action has been anything but bullish, more looking like a bearish consolidation ahead of the next downside extension. The next major low for bitcoin comes in the form of the September low.