LMAX Digital volumes turned back up on Tuesday. Total notional volume for Tuesday came in at $549 million, 22% above 30-day average volume.

Bitcoin volume printed $371 million, 31% above 30-day average volume. Ether volume came in at $114 million, 9% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,545 and average position size for ether at $3,615.

Market volatility is off some 40% since peaking in March. We’re looking at average daily ranges in bitcoin and ether of $2,540 and $137 respectively.

Profit taking, regulatory overhang, and global macro considerations have all resulted in the latest bout of lackluster, directionless trade in the price of bitcoin and crypto assets.

The market is also contending with a period of comedown after a wild start to the year that included the approval and launch of the bitcoin ETFs, and the bitcoin halving event.

At the moment, it feels like everyone is waiting for the next big catalyst to get things going, though it’s unclear what exactly that might be.

Technically speaking, we continue to highlight the bullish outlook, with the chart showing a minor pullback within a very strong uptrend.

This suggests that next big catalyst will be one which ultimately drives the price to a fresh record high and beyond.

So far this week, there has been a lot of focus on US economic data. On Tuesday, US producer prices came in hotter than forecast.

But softer components within the data and dismissive comments from the Fed Chair, were used as ammunition to shrug off the data and keep the market selling US Dollars and buying stocks.

Later today, we get the more important and heavily watched US CPI print. If the data comes in hot, it could open renewed Dollar demand and risk off flow, which could then weigh on crypto.

If on the other hand the data comes in on the softer side, we see this being supportive of crypto assets.