Volumes at LMAX Digital continue trend back up towards record volume levels seen earlier this year. We’re coming out of another impressive weekend of volume, with combined total notional volume for Saturday and Sunday coming in at $2.4 billion, up 85% from previous weekend volume.

Total notional volume over the past 30 days comes in at $27.8 billion. Average position size in bitcoin over the past 30 days comes in at $8,019. Average position size in ether over the past 30 days comes in at $3,472.

We’ve also seen total notional volume come in above $1 billion (ex-weekend) for ten consecutive sessions, after an anemic period in July where volumes were consistently well below $1 billion.

The primary focus has been around the US infrastructure package and how it will impact crypto. The market was looking at two proposed amendments to the bill, one friendly and one not friendly, and into Monday, there has still been no official decision.

Some view this as a positive sign, as it could mean there has been enough resistance to the unfriendly amendment that it has resulted in things being delayed. Others are less optimistic. But for now, it continues to be a wait and see, with more clarity to come over the next 24 hours or so.

But all that being said, demand for crypto assets has been strong, which has also coincided with the US 10-year yield basing at 1.13% back on the 4th of the month.

Still, we continue to warn of risk associated with an overdue pullback in the US equities market, which could invite some downside pressure.