LMAX Digital volumes held up right around 30-day average volumes on a lighter Monday US holiday session. Total notional volume for Monday came in at $218 million, 1% above 30-day average volume.

Bitcoin volume printed $120 million on Monday, 13% below 30-day average volume. Ether volume came in at $73 million, 24% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,702 and average position size for ether at $2,424.

Volatility continues to consolidate just off the August low levels. We’re looking at average daily ranges in bitcoin and ether of $626 and $44 respectively.

The crypto market continues to focus its attention on movement in global markets and the escalation in geopolitical tension following the horrific events over the weekend.

Overall, bitcoin has held up exceptionally well in the face of this crisis, and commands top spot across all major assets over the past 30 days relative to the US Dollar.

Bitcoin is up around 6% against the US Dollar over the past 30 days, while the Euro and Pound are down 1.29% and 1.92%. The S&P 500 and gold are also down 3.09% and 3.51% over this time frame.

Bitcoin dominance relative to other crypto assets continues to climb in this period of uneasiness. We’ve seen strong outperformance against ether of late, with the price action making sense for two reasons.

The first reason is the fact that ether is simply more correlated with risk sentiment given the nature of the blockchain and all of the project innovation it supports.

The second reason comes from an extension of the first, which is the fact that we have seen a healthy increase in ether supply over the past month.

Decreased transaction activity on Ethereum means less ether being burned, which has translated to an increase in the overall supply.