Total notional volume at LMAX Digital trended up nicely in the previous week. Total notional volume from last Monday through Friday came in at $2.7 billion, 61% higher than the week earlier.

Breaking it down per coin, bitcoin volume came in at $1.6 billion in the previous week, 52% higher than the week earlier. Ether volume came in at $750 million, 103% higher than the week earlier.

Total notional volume over the past 30 days comes in at $10.9 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,601 and average position size for ether at $3,068.

Volatility has picked up in recent weeks following a subdued period from August through September. We’re looking at average daily ranges in bitcoin and ether of $1,060 and $67 respectively.

There hasn’t been much activity in recent sessions, though crypto assets have been exceptionally well supported on dips. Expectation and anticipation around the SEC approval of bitcoin spot ETFs continues to drive demand.

Recent reports out of Bloomberg show analysts predicting a 90% chance for an approval between now and January 10, 2024. This includes one more window in 2023 for the SEC to approve all 12 pending applications.

There has also been quite a bit of optimism around bitcoin with the latest price surge pushing MicroStrategy’s bitcoin investment well into the money, with unrealized gains of over $1.1 billion.

The bitcoin halving event of 2024 is yet another positive catalyst for the price of bitcoin. Between this event and what is expected to be a wave of heavy institutional demand upon the approval of the bitcoin spot ETFs, supply-demand economics point to a bitcoin price that could easily jump to record highs and through $100k per bitcoin.

Technically speaking, the next key level of resistance comes in at $40,000. The level is both a psychological objective and measured move extension target following the latest breakout to a fresh yearly high beyond $32,000.