LMAX Digital volumes got off to a slow start this week. Total notional volume for Monday came in at $450 million, 26% below 30-day average volume.

Bitcoin volume printed $291 million on Monday, 28% below 30-day average volume. Ether volume came in at $110 million, 20% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,074 and average position size for ether at 2,593.

There had been some signs of a pickup in volatility, though overall, we’re seeing volatility trading closer to yearly low levels. We’re now looking at average daily ranges in bitcoin and ether of $1,915 and $146 respectively.

More relief for crypto assets in recent sessions, as risk appetite tries to make its way back to the topside. We believe a lot of this recovery can be attributed to the rebound in stocks, though we also see committed crypto players stepping in to take advantage of what they believe to be discounted prices.

Technically speaking, as far as short-term levels go, we think bitcoin $23,300 is the level to watch. A break back above the daily high from the 14th of June will take the immediate pressure off the downside. We also continue to recommend using bitcoin as a proxy for directional insight into the broader crypto market.

Fundamentally, the market will continue to look for evidence of stabilization within the crypto space in the aftermath of Terra, Celsius, and 3AC. Crypto traders will also be paying close attention to price action in US equities. The direction in Fed policy and the central bank’s communication is critical, and of course, how inflation data continues to show up will also be of major significance.