LMAX Digital volumes got a huge boost on Monday amidst all of the market volatility. Total notional volume for Monday came in at $292 million, 59% above 30-day average volume.

Bitcoin volume printed $184 million on Monday, 65% above 30-day average volume. Ether volume came in at $87 million, 73% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,503 and average position size for ether at $2,401.

Volatility is holding up after recovering from cycle lows in August. We’re looking at average daily ranges in bitcoin and ether of $702 and $46 respectively.

The crypto market has done an exceptional job already recovering from Monday’s wild price declines. We think a lot of the fallout had been driven off market panic around the news FTX could be on the verge of converting crypto into fiat.

FTX is expected to get a court ruling tomorrow on whether it will be allowed to liquidate billions of US Dollars worth of crypto assets.

Ultimately, however, when looking at the breakdown of the portfolio, the amount of bitcoin and ether that would be liquidated would not be enough to cause any major market disruption.

In fact, with valuations looking more attractive in recent months, we suspect a lot of this will be easily absorbed. Moreover, any selling we do see will likely happen over an extended period of time.

Technically speaking, bitcoin has also built up formidable support in the $25k area. Dips into the psychological barrier have been short-lived and we have seen consistent demand as medium and longer-term players look to increase exposure.

At the same time, while a healthy rebound could soon be on the horizon, we may need to wait out the remainder of the month before expecting meaningful upside.

Seasonality trends have not been positive for crypto in September. In fact, over the past decade, September is the worst month of performance for bitcoin. The good news is that October has been one of the strongest months for crypto.