LMAX Digital volumes got off to a solid start to the week. Total notional volume for Monday came in at $547 million, 12% below 30-day average volume.

Bitcoin volume printed $264 million on Monday, 18% below 30-day average volume. Ether volume came in at $87 million, 4% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,692 and average position size for ether at $2,221.

Market volatility has cooled off since topping out in December. We’re looking at average daily ranges in bitcoin and ether of $3,339 and $157 respectively.

Bitcoin is off to a strong start in the new year. The market has already rallied convincingly enough back above $100k that it could be setting the stage for a more immediate push to another record high.

As we look around, there are plenty of positive catalysts in the headlines. The biggest catalyst of late has been the already well publicized expectation for a much better crypto climate as the new US administration takes office.

But it’s worth noting some other positive catalysts. One such catalyst comes from the news of MicroStrategy getting right back to work and buying more bitcoin. The company has purchased another 1,070 bitcoin bringing the total holdings to 447,470 bitcoin at an average price of $62,500.

In other news, Ripple CEO Brad Garlinghouse has shared that 75% of the organization’s open job positions are for US based roles, which he attributes to optimism for the incoming administration.

Finally, we shouldn’t leave out the story around a Swiss initiative to try and get the SNB to add bitcoin to its balance sheet. Switzerland’s constitution requires the SNB to hold a portion of reserves in gold and the group pushing the initiative would like to see bitcoin included in this constitutional requirement.

We don’t think this should sound all that far reaching, especially after Jerome Powell made a comparison between bitcoin and gold in a recent appearance with Andrew Ross Sorkin.