Total notional volume at LMAX Digital cooled off in the previous week from a week earlier. Total notional volume from last Monday through Friday came in at $1.9 billion, 28% lower than a week earlier.

Breaking it down per coin, bitcoin volume came in at $1.1 billion in the previous week, 38% lower than the week earlier. Ether volume came in at $440 million, 17% lower than the week earlier.

Total notional volume over the past 30 days comes in at $17 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $12,708 and average position size for ether at $3,405.

Volatility has come down by about 40% since peaking at multi-month highs in January. We’re looking at average daily ranges in bitcoin and ether of $1,406 and $83 respectively.

Crypto assets have held up exceptionally well in the face of this latest wave of broad based US Dollar demand brought on by a less dovish Fed, strong US jobs report, and a Fed Chair who has pushed back against rate cut calls in March.

All of this has resulted in a yield differential surge back in the US Dollar’s favor. And yet, despite the broad based selling of currencies against the Buck, both bitcoin and ether are more than holding up, even tracking higher on this Monday.

On the one hand, one could make the argument that risk sentiment has held up relatively well considering the market’s unhappy repricing of Fed expectations. And so with US stocks still holding up, this has helped to keep crypto supported.

On the other hand, one could equally argue that there has been a clear disconnect between crypto and correlations with risk assets, something that has made the asset class highly attractive to investors.

Global politics could be yet another source for recent demand. Over the weekend, El Salvador’s President Nayib Bukele secured his reelection with a landslide victory.

Bukele has been one of bitcoin’s strongest advocates and El Salvador’s adoption of bitcoin has helped to further prove bitcoin’s concept in the real world. The reelection comes just months after Argentina’s bitcoin friendly, libertarian, Javier Milei took over as President.

And of course, this follows a year in which bitcoin and crypto assets have gained broader acceptance in the mainstream by way of more crypto friendly regulation and the SEC’s approval of the bitcoin spot ETFs.