We’re coming off another impressive week of volume at LMAX Digital. Total notional volume from Monday to Friday came in just under 10 yards at $9.2 billion. This compares with total notional volume of $7.3 billion in the previous week and represents a 26% increase.

Bitcoin volume for the previous week came in at $4.5 billion, up 22%. Ether volume came in at $2.8 billion in the previous week, up 27% from the week before. Total notional volume over the past 30 days comes in at $36.3 billion.

As far as average position sizes go, average position size in bitcoin over the past 30 days comes in at $9,805, while average position size in ether over the past 30 days comes in at $4,990.

We’ve been citing two major drivers behind the latest round of weakness in the crypto space. The first is around ramped up regulatory headwinds, this after the SEC announced it would be cracking down on Coinbase. The second is around the downturn in global risk sentiment and pullback in US equities.

As far as the regulatory headwinds go, this should be an ongoing point of stress for the cryptocurrency space and could result in more bumps over the coming months, while we wait for necessary clarity. That being said, we believe there has been enough support for the space that any setbacks from such risk will ultimately be well supported.

And with respect to downside pressure from the pullback in US equities, we also believe this could prove disruptive for crypto assets over the shorter-term, before ultimately becoming less relevant further out. Bitcoin’s lure as a store of value should outweigh any downside pressure from association as a risk correlated emerging asset. And this should then have a positive spillover effect on other cryptocurrencies.