Part of the LMAX Group
Regulated by the Gibraltar Financial Services Commission

KPIs for July 2021

  • Total volumes: $25bn (up 316% YoY)
  • Total trades: 5,900,190 (up 137% YoY)
  • Total Bitcoin equivalent traded: 723,357 coins
  • Total year-to-date volumes: $338bn (up 704% YoY)

Total monthly Volumes
by Client Segment ($M)

Daily Traded Volumes ($M)

Monthly Volumes
by Instrument ($M)

Average Trade Size
by Instrument ($)

BTCUSD - Average Trade Size
by Client Segment ($)

ETHUSD - Average Trade Size
by Client Segment ($)

Macro crypto currency market outlook

Bitcoin has broken above the June high ($41,325) to suggest we could finally be getting ready for uptrend resumption. But the market will need to establish back above this level over the coming days to encourage the overall outlook and suggest we are indeed getting ready for that next big run towards a retest of the record high from earlier this year. Key support comes in the form of the June low ($28,800).

    • BTC technical levels:
    • R2 50,000 – Psychological – Strong
    • R1 47,045 –April low – Medium
    • S1 35,250 – 26 July low – Medium
    • S2 28,800 – June low – Strong

We had seen a period of cooling off in June after record volumes into May, before things continued to run on the quiet side throughout a healthy portion of July, on account of summer doldrums trade. But activity started picking up into the end of July and this could set the tone for a more active month in August.

A lot of the pullback from the record highs earlier this year was well overdue after parabolic price action. Now that we’ve seen this correction play out (with the unwinding of many leveraged positions that contributed to the pullback squared away), market participants are once again looking to build exposure.

Institutional adoption has been a major theme in 2021, and many players that were dipping in earlier in the year are now taking more aggressive positions at what are perceived to be discounted prices. The stories of adoption are widespread and include major names like Tesla, PayPal, Amazon, Twitter, JP Morgan, Bank of America, and Goldman Sachs.

LMAX Digital had a big month as well, with parent company LMAX Group making headlines after getting a $1 billion valuation, following a 30% stake sale to J.C. Flowers & Co., a leading private investment firm dedicated to investing globally in the financial services industry.

Looking out, we expect demand to continue to come in to support the market, before we eventually see the next push higher back towards a retest and break of the record high from earlier in the year. At the same time, we also wouldn’t rule out the possibility for more bumps before we head north, with regulatory headwinds and risk associated with a potential downturn in global equities to be considered.

Daily volumes Daily
volumes
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