LMAX Digital volumes have been softer this week. Total notional volume for Tuesday came in at $299 million, 38% below 30-day average volume.

Bitcoin volume printed $194 million on Tuesday, 29% below 30-day average volume. Ether volume came in at $73 million, 55% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,340 and average position size for ether at 2,848.

Volatility has picked up in recent sessions, with the market surging out from yearly and multi-month low levels. We’re looking at average daily ranges in bitcoin and ether of $958 and $102 respectively.

We’re still hearing stories around fallout from the contagion associated with the FTX implosion. Several crypto funds made announcements about significant exposure they had on the exchange.

These funds include Sino Global Capital, Mechanism Capital, and Ikigai Capital. Meanwhile, we’ve also been seeing fallout at exchanges and lenders tied to FTX. A Japanese exchange has halted withdrawals, while lending platform Salt has also paused withdrawals.

Another natural development in the space in reaction to FTX has been a move away from centralized exchanges in questionable regulatory jurisdictions, to centralized exchanges in more respected and better regulated countries like the US and UK. And of course, we’ve also seen more moves towards self-custody.

Having said all that, there’s no doubt that things could be a lot worse in the space right now if it weren’t for the surge in equities we’ve seen over the past several days. Last week’s softer US CPI print and yesterday’s softer US PPI print have a lot to do with this – which has even helped to prop crypto assets into Wednesday.

Technically speaking, we’re still downtrending when it comes to bitcoin and ether. We like to use bitcoin as the proxy here and we’ll need to see a break back above $21,500 right now to take the immediate pressure off the downside.