LMAX Digital volume was healthy over the weekend, ticking up 10% from previous weekend trade. Total notional volume for Saturday and Sunday came in at $1.6 billion. Bitcoin volume came in at $920 million over the weekend, up 60% from the previous weekend. Ether volume was much slower over the weekend, coming in at $394 million, down 25% from the previous weekend.

Total notional volume at LMAX Digital over the past 30 days comes in at $59.4 billion. Average trading size for Bitcoin comes in at $10,632. Average trading size for Ether came in at $4,275. The average daily trading range for BTCUSD is $3,443. The average daily trading range for ETHUSD is $295.

Things have been rather quiet in the world of cryptocurrencies of late, with the only notable story coming by way of Elon Musk. Musk was back in the headlines after indicating Tesla would be looking to resume allowing Bitcoin transactions in the future. This news has certainly been helping to support the price, though we continue to downplay any impact from a single market participant.

We’ve also seen support for Bitcoin on the back of last week’s news of El Salvador adopting the cryptocurrency as legal tender. At the same time, the market is still going through a period of correction and consolidation in the aftermath of the parabolic price surge earlier this year, and could take some more time before we start seeing renewed persistent demand.

While the medium and longer-term outlook remains highly constructive, we still see risk for some more setbacks in the weeks ahead.  Ramped up institutional adoption in 2021 invites more regulatory headwinds, and the potential for a shakeup in the global equities is also a risk that could weigh on crypto assets over the shorter-term.