Total notional volume at LMAX Digital was healthy in the previous week. Total notional volume from Monday through Thursday came in at $6.3 billion, just 5% lower than a week earlier.

Breaking it down per coin, Bitcoin volume was also a little softer than a week earlier over the same time frame, coming in 2.5% lower. Ether volume dipped a little more than that from a week earlier, coming in 6% lower.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $13,492 and average position size for ether at $6,766.

Volatility has been slowly picking up since finding a bottom in July. We’re now looking at average daily ranges in bitcoin and ether of $2,790 and $220 respectively.

Last week, we highlighted macro risk to cryptocurrencies from the Fed meeting.

We’ve since seen the market react accordingly, with bitcoin and eth at record highs as the Fed continues to push its ultra accommodative policy track.

The crypto space has grown so large in 2021 that it is now worth more than the top dozen of the world’s largest banks.

We recently heard of the Miami mayor wanting to take his salary in bitcoin. Now we’re hearing the same from New York City mayor elect Eric Adams.

As per today’s highlighted tweets, enthusiasm around the crypto space has infected even the most established of bankers.

JP Morgan has upped its bitcoin projection, while former Citigroup CEO Vikram Pandit has said all major financial institutions will soon be thinking about trading crypto.

We do however think the recent run higher warns of a potential correction on the horizon, especially with US equities running up so hard and fast and at risk for a major capitulation.