LMAX Digital volume eased up on Wednesday, though this was to be expected heading into the US Thanksgiving holiday break. Total notional volume came in at $1.1 billion, 12% below 30-day average volume.

Bitcoin volume came in at $585 million, 9% below 30-day average volume. Ether volume dropped down to $331 million, 16% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,740 and average position size for ether running up to $7,580.

Volatility has been slowly picking up since finding a bottom in July. We’re now looking at average daily ranges in bitcoin and ether of $2,730 and $242 respectively.

We’ve been seeing more selling pressure in cryptocurrencies this week, with many attributing the primary downside pressure to strong demand for the US Dollar on a more hawkish repricing of Fed policy expectations into 2022.

Of course, regulatory updates have also been a source of tension, this as the US Senate Banking Committee probes a number of crypto names on the risks associated with digital tokens.

On a positive note, India is said to be considering a plan to allow crypto trading for some investors. This follows earlier news that New Delhi was preparing to regulate the space.

Some traders cite demand around current levels, with the bitcoin Fear and Greed Index trading at its lowest level since late September. Generally when this indicator trades at depressed levels, it warns of a rally ahead.

Trading conditions will be exceptionally thin for the remainder of the week on account of the US holiday. This means price action should also be taken with a grain of salt.