LMAX Digital volumes pushed higher in Tuesday trade. Total notional volume for Tuesday came in at $556 million, 18% above 30-day average volume.

Bitcoin volume printed $301 million on Tuesday, 13% above 30-day average volume. Ether volume came in at $220 million, 34% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,329 and average position size for ether at 3,176.

Volatility has been absent from the market for much of 2022 and is still trending down at yearly low levels. We’re looking at average daily ranges in bitcoin and ether of $955 and $115 respectively.

Things have been exceptionally quiet in the world of crypto this week. Overall, there hasn’t been much activity and we continue to see tight, sideways trade. On a positive note, we continue to see volumes trending higher after a period of anemic volumes in 2022.

There has been some chatter that a the market had been weighed down a bit in recent sessions after bankrupt Celsius Network had received approval to sell mined bitcoin to cover their operations. The speculation around this was that some 7,000 bitcoin were sold which led to a wave of liquidations.

Otherwise, it seems the market is focused on all things global macro this week, waiting for color out of Jackson Hole and waiting for more clarity on the direction of Fed monetary policy from Jerome Powell.

At the same time, we have noticed a bit of a breakdown in correlation between stocks and crypto. A recent run higher in stocks failed to generate enthusiasm for crypto assets, and this latest pullback in stocks has failed to worry crypto holders all that much.

Overall, this is a positive for the space as it builds more momentum for the case that crypto is indeed an asset class of its own that should invite plenty of interest from traditional market participants looking for opportunities to diversify portfolio exposure.