LMAX Digital volume got back on track on Wednesday, after a dip in Tuesday trade. Total notional volume for Wednesday came in at $674 million, 11% above 30-day average volume.

Bitcoin volume printed $439 million on Wednesday, 16% above 30-day average volume. Ether volume did however suffer, coming in at just $131 million, 20% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $12,685 and average position size for ether at 5,928.

Volatility has been consolidating at the low end of the range in 2022. We’re now looking at average daily ranges in bitcoin and ether of $1,738 and $148 respectively.

Stocks were back up on Wednesday and so was crypto. This correlation continues to prove quite reliable in 2022. We think we will soon see a breakdown where crypto trades higher despite weakness in stocks. But we aren’t there just yet.

On the news front, we heard from stablecoin issuer Circle this week, with the company announcing a $400 million funding round and partnership with Blackrock. Blackrock has also indicated it would be inclined to help expand the use of USDC in traditional markets.

Meanwhile, Terra continues with its plan to buy bitcoin. On Wednesday, the Luna Foundation Guard, the non-profit attached to Blockchain protocol Terra, added another 2500 BTC to its reserves.

It is believed Terra now owns 42,400 BTC (USD $1.7 billion), which would place their wallet at 18th on the network and around 800 bitcoin less than Tesla’s corporate treasury allocation.