LMAX Digital volumes have been lighter in the summer months, though we did see a pick up in volume from this past weekend relative to the previous weekend’s performance. Total notional volume over this past weekend averaged $364 million, up from an average of $342 million in the previous weekend.

Total notional volume at LMAX Digital over the past 30 days comes in at $29.8 billion. Average trading size for Bitcoin over the past 30 days comes in at $8,829. Average trading size for Ether over the past 30 days comes in at 3,718.

The average daily trading range for BTCUSD is $2,148. The average daily trading range for ETHUSD is $179.

We’re not seeing all that much in the way of new stories as the week gets going. There continues to be a lot of talk around the fate of Bitcoin mining in China, where the crackdown has intensified in 2021, forcing a mass exodus. China has been attacking Bitcoin from the side of  financial speculation and the environment. 

Other stories getting some attention as the week gets going are around crypto related SPACs, with Circle and Bullish accessing additional capital by way of this vehicle. We’ve also been hearing a lot more from some of the larger crypto exchanges in the US talking about embracing regulation.

Technically speaking, there isn’t all that much to talk about. Both Bitcoin and Ether are still very much confined to familiar ranges, both consolidating off recent lows. 

Bitcoin and Ether would need to break back below their respective June lows at $28,800 and and $1,700 to suggest we’re seeing another wave of meaningful downside pressure that could open bigger declines. Until then, we’re still just consolidating.

But, institutional demand has picked up in a big way in 2021, and now that the initial wave of parabolic price action has run its course and we are in the throes of a very healthy correction, there is plenty of interest from these players to start building more meaningful exposure.