Total notional volume at LMAX Digital improved in the previous week. Total notional volume from last Monday through Friday came in at $1.9 billion, 29% higher than the week earlier.

Breaking it down per coin, Bitcoin volume came in at $972 million in the previous week, 21% higher than the week earlier. Ether volume came in at $597 million, 27% higher than the week earlier.

Total notional volume over the past 30 days comes in at $9.47 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,459 and average position size for ether at $2,854.

Volatility has been trending lower, sinking back to the lowest levels since early this year. We’re looking at average daily ranges in bitcoin and ether of $761 and $52 respectively.

On the positive side, we did manage to see a pickup in volume in the previous week, something the crypto space is craving. Volume has come off quite a bit in 2023 and any signs of a pickup in activity are very welcome.

At the same time, liquidity conditions remain quite thin and there does need to be some kind of spark to get things going again. Volatility metrics have been trending lower, and we’re now back to the tightest average daily ranges in bitcoin and ether since earlier this year.

As far as overall deal flow into the space goes, things have also been relatively quiet, though we did see more deal flow last week than a week earlier. The big deal of the previous week was wallet provider Magic raising $52 million in a strategic funding round led by PayPal Ventures.

As the week gets going, crypto prices have come off. Both bitcoin and ether are in retreat mode, perhaps on the back of broad based US Dollar demand in the aftermath of Friday’s US jobs report.

Nevertheless, despite the pullbacks, we remain confined to a major consolidation, and as per our technical insights, it will take a break of highlighted resistance or support in the price of bitcoin to offer a clearer indication of where we could be headed next.