LMAX Digital volume continues to turn up light this week. Total notional volume for Tuesday came in at $369 million, 49% below 30-day average volume.

Bitcoin volume printed $223 million on Tuesday, 49% below 30-day average volume. Ether volume was also off quite a bit, coming in at just $92 million, 55% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,220 and average position size for ether at 4,781.

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 $1,857 and $154 respectively.

With the price of bitcoin going nowhere, there really isn’t all that much to talk about right now. The market continues to fixate on all things macro and the next big move in US equities is likely to determine the direction in crypto.

For now, this means existing correlations stand and a move lower in stocks will likely coincide with a move lower in crypto. Conversely, any big recovery in stocks will likely inspire fresh demand for crypto assets.

Again, it’s critical that it is understood that we believe this correlation will only hold up a short while longer, before we see a breakdown and bitcoin and other cryptocurrencies become less correlated to all things stocks.

As far as updates go, there’s chatter around FTX being out and about, looking to make some smaller brokerage acquisitions. This follows FTX moves into Robinhood and Ledger. It’s also worth noting that Coinbase has officially become the first crypto company to move into the ranks of a Fortune 500.

Technically speaking, we continue to highlight downside risk, and see the potential for the next move to indeed be lower, resulting in a breakdown towards critical bitcoin support in the $20,000.

Look out for today’s Fed Minutes to inspire fresh volatility in financial markets, which could in turn result in more activity in crypto assets.