LMAX Digital volumes continued to trend higher on Monday. Total notional volume for Monday came in at $427 million, 129% above 30-day average volume.

Bitcoin volume printed $221 million on Monday, 97% above 30-day average volume. Ether volume came in at $123 million, 201% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $4,541 and average position size for ether at 1,862.

Volatility is still suppressed at multi-month lows. We’re looking at average daily ranges in bitcoin and ether of $279 and $35 respectively. At the same time, this could be a warning sign of a major surge in volatility ahead.

We continue to find optimism around signs of volume picking back up into 2023. The crypto market has been looking for signs of activity and renewed interest, and the numbers we’ve been seeing on the volume front are encouraging.

On Monday, we also talked about support the crypto market has been getting from the global macro front as the Fed pivot trade comes back on the table.

There hasn’t been much to report in the way of new stories, but there continues to be anxiety around fallout from the FTX implosion, and the fate of Digital Currency Group.

Over the weekend, it was reported that the US Department of Justice and SEC are investigating Digital Currency Group.

Technically speaking, it’s important to keep an eye on the daily Ichimoku cloud, which gives an indication of trend.

While the recent rallies in bitcoin and certainly ether have been impressive, both markets have yet to transition back into official uptrends.

Ether would need to establish back above $1,400 and bitcoin above $18,600 to be in uptrends. Until then, proceed with caution.