Total notional volume at LMAX Digital cooled off in the previous week. Total notional volume from Monday through Friday came in at $3.6 billion, 12% lower than the week earlier.

Breaking it down per coin, Bitcoin volume came in at $2.3 billion in the previous week, off 13% from the week earlier. Ether volume came in at $914 million, off 8% from the week earlier.

Total notional volume over the past 30 days comes in at $21.6 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,826 and average position size for ether at $5,293.

Volatility has cooled off in 2022 after topping out in December. We’re now looking at average daily ranges in bitcoin and ether of $2,017 and $158 respectively.

The war between the Russia and Ukraine has the market continuing to speculate about the role of cryptocurrency in times of turmoil.

The arguments are highly compelling for the use of cryptocurrency to bypass constraints in the traditional financial system. At the same time, there is no strong evidence of such use case making any meaningful impact just yet.

For the moment, it all seems to be more academic than anything else.  For the moment, we’re stuck in sideways trade with crypto not really going anywhere at all.

There had been some bullish price action in the previous week. But ultimately, the run has fallen flat, with selling pressure coming back in.

Technically speaking, we will need to see bitcoin breaking back above the February high to suggest we truly are seeing a bullish structural shift. Until then, there is risk for deeper setbacks in 2022.