LMAX Digital volumes were up big for the second consecutive day. Total notional volume for Tuesday came in at $1 billion, 116% above 30-day average volume.

Bitcoin volume printed $671 million on Tuesday, 141% above 30-day average volume. Ether volume printed $214 million, 83% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,828 and average position size for ether at 3,230.

Volatility has turned up nicely in recent sessions, trading to a fresh yearly high. We’re looking at average daily ranges in bitcoin and ether of $1,112 and $79 respectively.

We’ve seen tremendous outperformance in crypto this week, with both bitcoin and ether up a shocking +20%. Crypto assets were already benefiting from the positive spotlight in the aftermath of the US bank woes, before getting another boost on Tuesday.

Tuesday, the run in crypto got an added boost from rallying equities, with risk assets surging across the board as fears around market turmoil were put to rest, all while Fed rate pricing had come back down.

On Tuesday, the market felt even better after US CPI failed to exceed expectations, with the more or less consensus read, and dip from previous, enough to inspire hope that we could be getting back to the peak inflation narrative.

And even with the shutdown of some of the major crypto friendly banks, it’s become clear there are other banks still capable of serving crypto client needs.

Technically speaking, things haven’t really changed. We continue to say that bitcoin needs to establish above $25k to suggest we’re getting ready for the next big upside extension.

And despite the surge through $25k on Tuesday, the market was once again unable to sustain the rally above the psychological barrier. This continues to be the critical level to watch.