Bitcoin volume printed $478 million on Monday, 16% above 30-day average volume. Ether volume came in at $200 million, 15% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $12,442 and average position size for ether at 5,067.

Volatility has been trending lower in 2022. We’re now looking at average daily ranges in bitcoin and ether of $1,788 and $148 respectively.

That story revolves around Terra’s plan for a $10 billion allocation of bitcoin. Since the end of January, Terra has already confirmed it has bought over $1 billion in bitcoin, including $135 million in 4 purchases on Monday.

Terra is the organization behind Tether, the world’s largest stablecoin. That stablecoin is known as Tether or USDT. The CEO announced earlier this month that the stablecoin would be backed by a reserve of bitcoin.

This is important for the space, as it translates to less reliability on the US Dollar. Tether is backed by the US Dollar, which has opened it up to criticism as a cryptocurrency. This move signals a growing maturity in both Tether, and the asset class overall.

The access to bitcoin will reinforce Tether’s ability to maintain its US Dollar peg, particularly in times of excessive short-term demand when investors are looking for USDT redemptions.