LMAX Digital volumes were up big on Monday after both bitcoin and ether extended runs of fresh yearly highs.

Total notional volume for Monday came in just over $1 billion, 119% above 30-day average volume.

Bitcoin volume printed $847 million on Monday, 163% above 30-day average volume. Ether volume came in at $135 million, 21% above 30-day average volume.

Average position size over the past 30 days has been trending up. We’re seeing average bitcoin position size at $12,164 and average position size for ether at $3,406.

Volatility has also been trending higher in recent months. We’re looking at average daily ranges in bitcoin and ether of $1,182 and $74 respectively.

Stocks and gold pulled back on Monday, while the US Dollar recovered. And yet, none of this had any meaningful impact on crypto assets, with both bitcoin and ether extending runs of yearly highs.

The key takeaway from the price action is that the crypto asset class is proving to be less correlated with traditional assets than what many had thought, making the asset class on the whole more attractive for portfolio diversification purposes.

The fact that both bitcoin and ether have massively outperformed in 2023 makes the value proposition all the more compelling as we head into a 2024 year that shows much promise.

The big events market participants are looking for are the SEC bitcoin spot ETF approvals and the bitcoin halving event later in the year. Both events are expected to have a positive impact on prices.

Interest in blockchain related equities is also ramping up, after recording their highest weekly inflows since July of 2022. This happens at a time when another encouraging development is playing out, which is a rise in stablecoin market capitalization.