LMAX Digital volumes were light on Monday. Total notional volume for Monday came in at $151 million, 23% below 30-day average volume. Tight trading ranges and thin summer conditions continue to factor into the lower volumes.

Bitcoin volume printed $96 million on Monday, 13% below 30-day average volume. Ether volume came in at $33 million, 38% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,129 and average position size for ether at $3,151.

Volatility has been showing signs of life after picking up from cycle lows last week. We’re looking at average daily ranges in bitcoin and ether of $716 and $59 respectively.

Crypto markets have been holding steady thus far this week. We’ve entered a period of consolidation as traders reflect on the latest sharp setbacks from the previous week.

There had been quite a bit of downside pressure on crypto resulting from the intensified liquidation of risk assets in traditional markets. Worry around the outlook for China and fear of rising rates around the globe were seen as the primary drivers.

We had talked about crypto having no choice but to focus back on traditional market fundamentals in recent sessions, with crypto fundamentals caught in a period of wait-and-see on account of pending decisions from the courts and the SEC.

But now, traditional markets could be confined to their own game of wait-and-see in the sessions ahead, given the light economic calendar and a lot of the focus placed on what comes out of Fed Chair Powell’s mouth on Friday in Jackson Hole.

As far as crypto specific updates go, a Wall Street Journal report about SpaceX and Tesla reducing exposure to bitcoin has managed to ruffle some feathers.

On a brighter note, there has been a lot of excitement around the early success of Friend.tech, a decentralized social media platform on Ethereum that allows users to tokenize Twitter accounts and trade shares.