Total notional volume at LMAX Digital came in at $6.58 billion in the previous week from Monday through Friday. Daily volume on the week held near 30-day average volume levels, though we did see a healthy drop in volume from the previous week.

Bitcoin volume in the previous week from Monday through Friday totaled $3.56 billion, while ether volume over the same time horizon came in at $1.90 billion.

Average position size in bitcoin over the past 30 days comes in at $9,666. Average position size in ether over the past 30 days comes in at $4,908.

We’ve seen quite a bit of downside pressure on crypto assets in recent sessions. We believe most of this has to do with the liquidation in traditional risk assets. Investors have been aggressively booking profits on long exposure in US equities and the risk off event has spilled over into crypto.

Naturally, given ether’s higher risk sensitivity, we’ve seen more selling of ether. But bitcoin hasn’t been immune, despite being viewed by most as a store of value asset. We believe there are many traditional players in bitcoin still considering the asset as young and emerging, which creates shorter-term correlations with risk off.

Another tough spot for crypto in recent sessions is all of the scrutiny from US regulators relating to stablecoins. There is chatter that regulators may move forward and classify stablecoins as securities, which would prove to be quite disruptive for crypto assets.

Washington has expressed distaste for stablecoins for some time, but the issue has been getting more attention in mainstream media in recent days.