LMAX Digital volumes were up overall on Monday, despite the thinner holiday conditions. Total notional volume for Monday came in at $352 million, 3% above 30-day average volume.

Bitcoin volume printed $189 million on Monday, 5% below 30-day average volume. Ether volume came in at $106 million, 11% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,487 and average position size for ether at 2,788.

Volatility has been trending lower in correction mode after peaking out at a yearly high in March. We’re looking at average daily ranges in bitcoin and ether of $830 and $57 respectively.

Activity is expected to pick up on this Tuesday, with conditions returning to fuller form as UK and US traders return to the desks following the long weekend holiday break.

Recent price action has been more constructive as highlighted in our technical overview, though bitcoin still remains capped below the yearly low, and this latest jump has come in less active holiday trading conditions.

The weekend price jump coincided with market enthusiasm around news of US debt ceiling deal. But now it will be interesting to see where the chips fall with this overstated risk out of the way and the focus shifting back to monetary policy and regulatory updates.

When looking at Monday volumes, which actually held up rather well considering the holiday, it was also evident there was more activity around ether. While bitcoin volume was flat, ether volume jumped 11% above 30-day average volume.

We believe this has something to do with the fact that eth traders are more inclined to trade through holiday conditions than the larger institutional types trading bitcoin.