Total notional volume at LMAX Digital was up in the previous week. Total notional volume from Monday through Friday came in at $3.9 billion, up 10% from a week earlier.

Breaking it down per coin, Bitcoin volume came in at $2 billion in the previous week, off just 2% from the week earlier. Ether volume came in at $1.4 billion, up 30% from the week earlier.

Total notional volume over the past 30 days comes in at $19 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,303 and average position size for ether at $5,151.

Volatility has cooled off in recent weeks after topping out in December. We’re now looking at average daily ranges in bitcoin and ether of $2,232 and $228 respectively.

We’re still in that place where downside pressure in US equities is leading to downside pressure in crypto. But having said that, we’re getting a lot closer to the end of this correlation.

Technically speaking, when we look at the S&P 500, we still see scope for declines to extend another 25% from current levels without much fight. Of course, this might not happen. But if the Fed keeps up with a hawkish path, we believe this could very well play out.

With that said, we think it’s worth considering the prospect for another 25% to the downside in bitcoin and ether before we start to see that next major bounce and bullish continuation.

This suggests we could see bitcoin down into the $26,000 area and ether into the $1,800 area before finally expecting the anticipated reversal.