LMAX Digital volume got off to a slow start this week after an impressive week in the previous week. Total notional volume for Monday came in at $584 million, 29% below 30-day average volume.

Bitcoin volume printed $343 million on Monday, 21% below 30-day average volume. Ether volume came in at $188 million, 34% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,097 and average position size for ether at 5,815.

Volatility has been trending lower in 2022. We’re now looking at average daily ranges in bitcoin and ether of $1,954 and $190 respectively.

Into Tuesday, we’re seeing impressive demand for crypto assets, despite ongoing downside pressure in US equities. This is a major positive for the space and should serve to highlight the fact that the correlation with risk-off is not one that is expected to last.

We’ve talked about this correlation break for many months and we believe we’re getting closer and closer to this reality. Still, we’re not completely there just yet, and any intensified downside pressure on stocks from here is likely to have a weighing influence.

Our core view is to consider the possibility for additional setbacks in bitcoin and ether towards the $25,000 and $1,800 areas respectively, though once, and if, in those areas, look for an official break of correlation with risk-off and strong demand to emerge.

As far as what’s been supporting crypto amidst ongoing downside pressure in stocks goes, we believe it’s all about the huge marketing push we saw at Superbowl. This has done a good job penetrating the mainstream and has encouraged more adoption.

One other note today is the story out of Canada, where the PM has invoked the Emergencies Act for the first time since the law was passed in 1988, in an attempt to cut off protestor access to funds by way of crowdfunding and cryptocurrencies. It’s also impressive to see crypto hold up in the face of this story.