LMAX Digital volume recovered in a big way on Tuesday after a cool start to the week. Total notional volume for Tuesday came in at $1.3 billion, 58% above 30-day average volume.

Bitcoin volume printed $785 million on Tuesday, 84% above 30-day average volume. Ether volume came in at $364 million, 33% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,407 and average position size for ether at 5,460.

Volatility has been trending lower in 2022. We’re now looking at average daily ranges in bitcoin and ether of $2,151 and $195 respectively.

We continue to wider adoption of bitcoin into 2022, with several publicly listed US companies adding bitcoin to their balance sheets. According to CoinDesk, about $71 million flowed into bitcoin-focused funds last week, the largest amount since early December.

Another study from Glassnode shows reason for improved demand. Bitcoin owned by short-term holders has realized profit on aggregate for the first time since late November. And there has been a trend of bitcoin turning bullish as short-term holders break into profitability.

Elsewhere, the trust banking arm of Mitsubishi UFJ announced plans to use blockchain technology for securities trading, with stablecoins acting as payment instruments. Also in the news, KPMG in Canada said it added bitcoin and ether to its corporate treasury as part of a commitment to emerging technologies.

All of these updates are positive and we continue to see plenty of upside in the space in 2022. Having said that, technically speaking, we’re still very much downtrending since topping out at record highs in November.

As per out update today, ether has yet to break above the most recent lower top, leaving the door open for the next lower top and fresh downside over the short-term.