LMAX Digital volumes got off to another slow start this week, though this time, a lot of this could be attributed to the US holiday closure. Total notional volume for Monday came in at $369 million, 40% below 30-day average volume.

Bitcoin volume printed $241 million on Monday, 43% below 30-day average volume. Ether volume came in at $98 million, 30% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,704 and average position size for ether at 2,492.

Volatility continues to hold at yearly low levels. We’re looking at average daily ranges in bitcoin and ether of $1,334 and $103 respectively.

There hasn’t been much relief for crypto assets in 2022 and that continues into the new week. On Monday, we saw some constructive price action. But already into Tuesday, this is being offset.

Monday’s price action was already to be taken with a grain of salt given that it was happening on razor thin trade with the US market out celebrating the long holiday weekend.

The latest downturn is unquestionably being driven off ongoing recession fears and this latest strong wave of demand for the US Dollar. We’ve just seen the Euro trade to its lowest level in 20 years against the Buck.

And so, of course, it should come as no surprise to see this extend to crypto where bitcoin, ether and cryptocurrencies across the board are suffering against the Buck.

Having said that, unlike the Euro, bitcoin and ether are still holding up above recent lows, and are proving to be a little more resilient, at least for the moment.

In today’s technical update, we highlighted the possibility for a minor double bottom in bitcoin and this is still a possibility while bitcoin holds above the yearly low. The same holds true for ether.