Total notional volume from last Monday through Friday came in at $5.5 billion, 29% lower than a week earlier.

Breaking it down per coin, bitcoin volume came in at $3.1 billion, 27% lower than the previous week. Ether volume came in at $744 million, 13% lower than the week earlier.

Total notional volume over the past 30 days comes in at $27.7 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $12,763 and average position size for ether at $2,704.

Market volatility has trended higher in recent weeks but is showing some signs of cooling down. We’re looking at average daily ranges in bitcoin and ether of $3,835 and $189 respectively.

Earlier today, bitcoin extended its record run through $106,000. Beyond the ongoing technical case pointing to additional upside, there have also been additional fundamental catalysts behind the move.

As far as the technicals go, we continue to highlight room for the current upside extension to extend up through $122,000 before a period of consolidation kicks in.

On the fundamental front, there have been two stories fueling the latest push higher. The first comes from more talk out from President-elect Trump about his plans to formalize a bitcoin strategic reserve.

The second story comes out of the world of equities where it was announced that MicroStrategy will be included in the Nasdaq 100 on December 23.

The expectation is that this listing will invite more mainstream adoption of bitcoin and crypto assets.

As far as the week ahead goes, we think it will be important to continue to keep an eye on the price of ETH, which has been making moves and could be getting ready for a push to challenge the record high from 2021.

A warmer crypto regulatory environment should translate to plenty of demand for crypto assets beyond bitcoin and given that ETH is the second largest crypto asset, a lot of that demand is likely to spill over into ETH.

It’s also important to highlight the fact that we have a Fed decision on Wednesday. Traditional market fundamentals have been less relevant to crypto of late, but still should be watched nonetheless.