LMAX Digital volumes got off to a solid start this week. Total notional volume for Monday came in at $437 million, 4% above 30-day average volume.

Bitcoin volume printed $316 million on Monday, 18% above 30-day average volume. Ether volume came in at $86 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 $11,264 and average position size for ether at $3,341.

Volatility has cooled off in recent sessions after stalling out ahead of yearly high levels. We’re looking at average daily ranges in bitcoin and ether of $1,126 and $77 respectively.

Indeed, we have seen a pullback in crypto prices as the week gets going. But overall, it’s important to recognize just how resilient the asset class has been all throughout 2023.

In November alone, the market has been forced to contend with headwinds in the form of the SEC failing to approve the bitcoin ETFs, turmoil around Binance, and a fresh SEC complaint against Kraken.

And yet, despite all of this, crypto investors have been able to shrug it off, focusing in on the longer term value proposition. Month-to-date, ether is up around 12%, while bitcoin is up just over 8%. This has also been accompanied by rising volume.

If we break down the November headwinds one by one, the Binance news can be viewed as a net positive as it removes what had been ongoing risk associated with the operation and allows the market to look ahead without having those concerns.

As far as the SEC complaint against Kraken goes, this isn’t really all that much of a surprise as Kraken has already gone through this with the SEC and is in a much better position to defend itself given how the courts have been leaning more crypto friendly.

And finally, though it was a letdown that the SEC did not approve the bitcoin spot ETFs, for the most part, the expectation was that the approval would more likely happen in early January.

Technically speaking, bitcoin is trading within a bull channel and setbacks should be very well supported into channel support which currently comes in around $36k.