LMAX Digital volume was up overall to start the week. Total notional volume for Monday came in at $645 million, 7% above 30-day average volume.

Bitcoin volume printed $365 million on Monday, 2% below 30-day average volume. Ether volume came in at $193 million, 18% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $12,717 and average position size for ether at 5,838.

Volatility has been trending lower in 2022. We’re now looking at average daily ranges in bitcoin and ether of $1,772 and $152 respectively.

Stocks down. Crypto down. That’s the story. Bottom line here is that crypto is viewed as an emerging market right now, and this view is exposing the asset class to periods of weakness when global risk appetite is on the downswing.

Investors are still trying to digest the reality of monetary policy that no longer is as sensitive to them as it once was, with interest rates shooting up in response to rapidly rising inflation.

On a positive note, despite the setbacks in price, Bitcoin’s network difficulty has decreased marginally, with the mild adjustment reflective of the fact that miners remain financially buoyant and are not struggling.

We do think we are getting closer to the point when we will see a very clear breakdown in the correlation between crypto and global risk appetite, as medium and longer-term players who recognize the value proposition step in to increase exposure.