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

KPIs for March 2023

  • Total notional volumes: $16bn
  • Total Bitcoin equivalent traded: 657,191 coins
  • Total trades: 4,190,184
  • Total year-to-date volumes: $38bn

Total monthly Volumes
by Client Segment ($M)


Daily Traded Volumes ($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 is finally showing signs of putting in a major bottom. The March breakout above consolidation resistance at $25,215 opens the door for a fresh upside extension that targets the next big push to $35,000. Any setbacks should now be very well supported ahead of $20,000.

    • BTC technical levels:
    • R2 34,970 – Measured Move Target – Strong
    • R1 30,000 – Psychological – Strong
    • S1 26,525 – 27 March low – Medium
    • S2 23,930 – 15 March low – Strong

The month of March was exceptionally impressive for crypto assets. Aside from the formidable price action, there were also some major developments on the fundamental front. Bitcoin was a clear outperformer in March, up 23%. Ether performance was well behind bitcoin, but still extremely impressive up +13%. The end of March also marked the end of a robust Q1 2023, with bitcoin up 72% on the quarter and ether up 52%.

We had already seen demand in January and February on the back of downside risk being fully priced in from the crypto implosions of 2022. Investors looked to build exposure at heavily discounted prices. But March performance was even more impressive from a fundamental standpoint, given vulnerabilities in the traditional banking system shed a positive light on the value proposition of a limited supply decentralized asset that could be self-custodied with no counterparty risk.

Daily volumes Daily
LMAX Digital is part of the LMAX Group Regulated by the Gibraltar Financial Services Commission

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