LMAX Digital volume has been quite light to start the week. Total notional volume for Monday came in at $391 million, 46% below 30-day average volume.

Bitcoin volume printed $257 million on Monday, 41% below 30-day average volume. Ether volume came in at $85 million, 57% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,307 and average position size for ether at 4,841.

We’ve been seeing signs of a pickup in activity, though volatility has been trending lower overall in 2022. We’re now looking at average daily ranges in bitcoin and ether of $1,891 and $158 respectively.

Price action continues to be rather unimpressive in crypto markets, with bitcoin and ether confined to tight consolidations. We continue to highlight the correlation with stocks and we still see this correlation holding up, at least over the coming weeks.

There has been some attention around the release of an annual study by the Federal Reserve that has included crypto for the first time. The study aims at exploring the health of the US consumer and shows 12% of US adults holding crypto in 2021.

Meanwhile, we continue to see interest in adoption from major companies. On Monday, we heard from Gamestop and eBay, both announcing plans to enter the NFT space.

Gamestop has launched a non-custodial crypto wallet, and eBay has announced a partnership with Oneof, a platform built on the Tezos blockchain.

As far as regulatory updates go, the chairman of the CFTC was out saying he was sure bitcoin and ether were commodities.

Looking ahead, we expect the US economic calendar to inspire fresh volatility later this week, with the release of the Fed Minutes, GDP and core PCE reads.