LMAX Digital volumes got off to a slow start this week. Total notional volume for Monday came in at $408 million, 33% below 30-day average volume.

Bitcoin volume printed $281 million on Monday, 32% below 30-day average volume. Ether volume came in at $95 million, 29% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,928 and average position size for ether at 2,479.

Volatility continues to hold at yearly low levels. We’re looking at average daily ranges in bitcoin and ether of $1,622 and $119 respectively.

There continues to be a good deal of worry around the outlook for the US and global economy. This worry has translated to persistent risk off flow in 2022, with that risk off flow flowing over into crypto.

We have seen some attempts at stabilization in recent sessions, but at this stage, this stabilization is easily classified as bearish consolidation ahead of what could be fresh weakness ahead.

Of course, the argument for bitcoin to be trading higher in risk off is one that we believe to be true. But we also understand there is a large portion of the market that still considers bitcoin to be an emerging market, with plenty of uncertainty around it.

On a positive note, the little resurgence in risk appetite that we have seen, has translated into a healthy recovery in the price of ETH relative to bitcoin. We view this as a positive given the fact that this is reflective of plenty of demand for ETH into dips, with the market recognizing value in crypto beyond bitcoin.

Bitcoin dominance has come off a nice amount since peaking at an 11-month high of 48.36% earlier this month. Bitcoin’s share of the overall crypto market now sits at 43.46%.