LMAX Digital volumes got off to a slow start this week. Total notional volume for Monday came in at $296 million, 39% below 30-day average volume.

Bitcoin volume printed $159 million on Monday, 32% below 30-day average volume. Ether volume came in at $31 million, 68% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,647 and average position size for ether at $1,671.

Bitcoin volatility is cooling off from peak levels, while ETH volatility has been more subdued. We’re looking at average daily ranges in bitcoin and ether of $4,262 and $155 respectively.

Overall, conditions in the crypto market are rather tight at the moment, with no clear directional bias. Indeed, we have seen notable demand out from recent lows. At the same time, the market has been stuck in consolidation and hasn’t yet figured out that next big move.

As per our recent commentary and technical insights, we believe the possibility for one more decent pullback should not be ruled out before we finally see a meaningful bottom and the start to the next big move that translates to fresh record highs in the price of bitcoin.

Crypto fundamentals have mostly taken a back seat to the bigger picture macro and developments out from the world of traditional markets. Rising geopolitical risk, global trade tension, and a slowing US economy are all weighing on investor sentiment.

As far as levels go, it could be worth paying attention to the price of ETH for an indication of a possible bottom and shift in overall sentiment. We say this because ETH is the more risk correlated crypto asset and ETH has been struggling to establish back above $2k.

If ETH can break above and establish a daily close back above $2k, it will likely inject a good amount of confidence in the crypto market.