Total notional volume at LMAX Digital was flat in the previous week. Total notional volume from Monday through Friday came in at $3.62 billion, just 2% higher than the week earlier.

Breaking it down per coin, Bitcoin volume came in at $2.3 billion in the previous week, on par with the week earlier. Ether volume came in at $964 million, up 5% from the week earlier.

Total notional volume over the past 30 days comes in at $19.8 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $12,384 and average position size for ether at $5,053.

Volatility has cooled off in 2022 after topping out in December. We’re now looking at average daily ranges in bitcoin and ether of $1,841 and $146 respectively.

We’ve seen a surge in demand for crypto assets over the past week, with bitcoin and ether both clearing critical resistance levels in the form of their respective February highs against the US Dollar.

Many cite the news that Russia could accept bitcoin from some countries as payment for oil and gas as a primary catalyst for this latest wave of demand.

We think this could have something to do with it, but we also feel there have been many positive developments in recent weeks, whether it be from the regulatory side, or from headlines around more institutional adoption.

And yet another driver of demand is coming from the resurgence in global risk appetite. We’ve said many times that the correlation with risk isn’t so simple. At the same time, it still exists and crypto assets are still benefiting from moves higher in stocks.