Total notional volume at LMAX Digital improved in the previous week. Total notional volume from last Monday through Friday came in at $1.8 billion, 23% higher than the week earlier.

Breaking it down per coin, Bitcoin volume came in at $1.1 billion in the previous week, 23% higher than the week earlier. Ether volume came in at $497 million, 22% higher than the week earlier.

Total notional volume over the past 30 days comes in at $10.65 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,325 and average position size for ether at $2,660.

Volatility has been trending lower in recent days after an impressive surge in June. We’re looking at average daily ranges in bitcoin and ether of $869 and $59 respectively.

Things have come to a bit of a standstill in the crypto market over the past several sessions. Bitcoin had managed to squeeze out a fresh yearly high last week, before once again retreating back into a familiar range.

Overall, the structure remains constructive and the outlook favors additional upside over the coming weeks. At the same time, there have been some weighing developments of late which could be contributing to the lack of follow through to the topside.

Some of the crypto specific negatives include Binance executives heading for the exit, an FBI raid of the home of Jesse Powell – founder of Kraken, and an exploit of Multichain to the tune of $130 million.

And yet, we really don’t think any of these negatives are having that  much of an impact on price. Instead, it’s likely that most of the recent downside comes from global macro forces that have opened the door for liquidation in US equities.

Investors continue to worry about the outlook for the global economy, and Friday’s concerning US jobs numbers have only added further stress around the outlook. This has opened risk off flow, which in turn, could be weighing somewhat on crypto assets.