LMAX Digital volumes were up overall on Tuesday, despite the still thinner post holiday trade. Total notional volume for Tuesday came in at $187 million, 8% above 30-day average volume.

Bitcoin volume printed $100 million on Tuesday, 6% below 30-day average volume. Ether volume came in at $39 million, 6% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $4,291 and average position size for ether at 1,684.

Volatility has been anemic in 2022, and after seeing a little pick-up in recent weeks, we’re right back down to yearly low levels. We’re looking at average daily ranges in bitcoin and ether of $319 and $37 respectively.

Crypto assets have been doing a good job holding their own, despite some early 2023 downside pressure on US equities. There hasn’t been much going on to account for the price action, other than demand from medium and longer-term players looking to build exposure.

Most of the headlines out there have actually been leaning to the downbeat side, which makes this latest run higher all the more perplexing. Gemini users are now filing a request for a class action suit arbitration against DCG.

The outlook for DCG remains in question and the market will be wanting to know how this all plays out, and if in fact we are headed for another implosion.

Meanwhile, decentralized exchange Sushi has been pushing forward with its own restructuring, most recently announcing it would be shutting down two of its product offerings.

And yet another negative headline comes from seasonality analysis, which shows January as a net bearish month for bitcoin when looking at performance from 2015 to present. Average returns in January over this time frame have exceeded -6%.

But back to the positives, volume is showing signs of wanting to trend back up, and all of the demand despite the negative headlines should be somewhat encouraging.