LMAX Digital volumes produced some mixed results on Monday. Total notional volume for Monday came in at $332 million, 5% below 30-day average volume.

Bitcoin volume printed $231 million on Monday, 11% above 30-day average volume. Ether volume came in at $57 million, 42% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,443 and average position size for ether at 2,676.

Volatility has been trending lower in recent days after an impressive run up in June. We’re looking at average daily ranges in bitcoin and ether of $889 and $59 respectively.

Activity in the crypto market has been anything but exciting in recent days. What we’ve got is a bitcoin price that has been unwilling to commit one way or the other following a recent break to a fresh 2023 high.

Overall, the outlook remains constructive both technically and fundamentally, which suggests the current consolidation will break out to the topside when we finally do see that next big push.

Technically speaking, we’re looking for a daily close above $32k to open the door for an upside extension towards $40k. Fundamentally, we believe there is a decent chance the next bullish move will be inspired by news of the approval of a bitcoin ETF.

BlackRock is the candidate we believe will have the most significant impact on the space, given the size of the traditional financial markets player, with an approval of an ETF to usher in the next phase of mass institutional adoption.

As far as key economic calendar risk to look at goes, the focus will most definitely be on tomorrow’s US inflation data. If the data comes in hot, there is risk it will trigger a wave of global risk liquidation and weigh on crypto assets by extension.