LMAX Digital volumes held steady in Tuesday trade. Total notional volume for Tuesday came in at $304 million, 1% above 30-day average volume.

Bitcoin volume printed $182 million on Tuesday, 10% above 30-day average volume. Ether volume came in at $65 million, 9% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $4,985 and average position size for ether at 2,603.

Volatility is finally showing signs of turning up from multi-month lows. We’re looking at average daily ranges in bitcoin and ether of $697 and $65 respectively.

We’re seeing signs of an extended crypto market stalling out and perhaps in the early stages of the onset of a more significant correction to the downside.

After posting gains up towards +40% in January, it’s only natural to expect some form of profit taking to kick in. At the same time, there are other forces at play that are also weighing on crypto.

Crypto assets have been benefiting from the positive risk sentiment in traditional markets over the past several weeks. And right now, we’re seeing some of the momentum die out, with stocks coming back under pressure.

The reality of a Federal Reserve communication that continues to lean towards ongoing rate hikes, is a reality that invites uncertainty and tension around the outlook for the US and global economy.

And so, we believe any renewed downside pressure from the macro front, will invite downside pressure on a crypto asset class that for now, continues to correlate with risk sentiment as a young, maturing market.

As far as industry specific news goes, bankrupt lending firm Blockfi plans to sell up to $160 million in loans backed by some 68,000 bitcoin mining machines.