LMAX Digital volumes jumped up impressively in Tuesday trade. Total notional volume for Tuesday came in at $585 million, 19% above 30-day average volume.

Bitcoin volume printed $363 million on Tuesday, 29% above 30-day average volume. Ether volume came in at $180 million, 5% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,287 and average position size for ether at 3,160.

Volatility has been absent from the market for much of 2022 and is still trending down at yearly low levels. We’re looking at average daily ranges in bitcoin and ether of $921 and $117 respectively.

We’ve seen a bit of a bounce in crypto assets over the past 24 hours. But overall, there hasn’t really been anything out there suggesting a meaningful technical or fundamental shift. This suggests the risk continues to be tilted to the downside for now.

There is nothing in the Fear & Greed index that would suggest the market is ready to bottom out just yet, and other updates would also confirm we aren’t quite out of the woods just yet as far as downside in crypto goes for 2022.

There have been some jitters around the news that 10,000 bitcoin that had been dormant since 2013 have finally come to life after moving out of the wallet. Many worry this could be a bearish development in that it points to possible liquidation of that bitcoin.

And according to a fund flow report out from a leading crypto research house, we have just seen a third consecutive week of outflows, something that reflects overall investor apathy.

Finally, seasonality trends are also not on crypto’s side as we head into September. If we look at bitcoin performance over a seven year period, bitcoin has given up 5.8% in the month of September, with the last 5 Septembers all producing negative returns.