LMAX Digital volume has been picking up as we see more direction in the market. Total notional volume for Monday came in at $836 million, 36% above 30-day average volume.

Bitcoin volume printed $560 million on Monday, 43% above 30-day average volume. Ether volume came in at $196 million, 22% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $12,736 and average position size for ether at 5,545.

Volatility has been trending lower in 2022. We’re now looking at average daily ranges in bitcoin and ether of $1,752 and $148 respectively.

There hasn’t been much change to price action between now and when the week started out, with bitcoin well supported but also not yet ready for that next breakout. At the same time, seasonality trends are on the side of crypto, with April a top performing month.

One positive development is the fact that prices have held up so well of late in the face of hacks, and less friendly regulatory updates. Security risk around Ethereum projects has been a problem, but not enough to drag prices lower. The same can be said for the ability for the market to hold up despite last week’s EU parliament vote to pass stringent AML laws on crypto users.

Another story perhaps keeping the market well bid is the headline around 90% of the bitcoin supply officially being mined, with the milestone reminding the market of the limited supply and deflationary economics around the asset.

The Bitcoin 2022 conference kicks off tomorrow and we suspect there will be plenty of new stories that come from the annual event. There are going to be many important players in attendance and we’re likely to hear a lot more support for the asset class in the media as a result.