LMAX Digital volume has been running at impressive levels this week. Total notional volume for Tuesday came in at $889 million, 61% above 30-day average volume.

Bitcoin volume printed $387 million on Tuesday, 23% above 30-day average volume. Ether volume exceeded bitcoin volume, coming in at $428 million, a whopping 149% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,962 and average position size for ether at 6,601.

Volatility however continues to trend lower in 2022. We’re now looking at average daily ranges in bitcoin and ether of $1,715 and $144 respectively.

We believe we’re getting closer and closer to that point where medium and longer-term investors in the crypto space will be very excited to step in and prop up the market, irrespective of whether or not US equities continue to slide.

These players recognize the value proposition here and see the benefit of crypto as something much more than a risk correlated emerging market asset.

These players understand the asset class has gone through periods of major setbacks along the way, but with each and every setback being met with fresh demand and fresh record highs.

We have seen some attempts at recovery into Wednesday, with the move coinciding with the rebound in US equity futures. There have been other potential catalysts for demand as well.

These include news of the Central African Republic adopting bitcoin as legal tender, and on-chain metrics for bitcoin that are looking quite bullish. These metrics show the percentage of bitcoin’s supply that has not moved in one year at an all-time high.

And earlier this week, there was buzz around the headlines that Fidelity would allow retirement savers to put bitcoin into their 401(k) accounts.