We’re coming off another impressive day of volume at LMAX Digital. Total notional volume for Monday came in at $1.85 billion, 49% above 30-day average volume. Bitcoin volume came in at $925 million, 42% above 30-day average volume, and ether volume came in at $548 million, 57% above 30-day average volume.

Total notional volume over the past 30 days comes in at $37.3 billion. Average position size for bitcoin over the past 30 days comes in at $9,862. Average position size for ether over the past 30 days comes in at $5,043.

Volatility in the major cryptocurrencies is still well off peak volatility from earlier this year when average daily ranges for bitcoin and ether were at $5,300 and $515 respectively. Right now, the average daily range for bitcoin is $2,441, and the average daily range for ether is $242.

We should expect more from the regulatory headwinds front later today. SEC chairman Gary Gensler will be back at it, this time before a Senate committee, where he is expected to echo is sentiment towards crypto that many exchanges will need to register as securities exchanges.

We also think it will be important for crypto markets to keep an eye on US inflation data today. US inflation has been trending up, and any indication that it is continuing to head in this direction, will likely weigh on investor sentiment and act as a short-term strain on crypto.

As far as levels go, we’ve highlighted where the focus should be with the price of ether in today’s report. With respect to the price of bitcoin, it’s all about last week’s high and low. At the moment, that low is more at risk, and a break below will open a deeper drop towards $37,000.