LMAX Digital volumes put in another solid performance on Wednesday. Total notional volume for Wednesday came in at $1.2 billion, 26% above 30-day average volume.

Bitcoin volume printed $616 million on Wednesday, 8% above 30-day average volume. Ether volume came in at $198 million, 48% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,725 and average position size for ether at $3,170.

Market volatility continues to trend higher off the October bottom. We’re looking at average daily ranges in bitcoin and ether of $3,639 and $181 respectively.

Bitcoin has finally broken through the $100k barrier after getting a nice boost from Wednesday headlines.

As per our technical insights, the break of the barrier was inevitable, with room for the rally to now extend up towards a measured move extension target above $120k.

As far as those headlines go, we believe President-elect Trump’s nomination of crypto friendly Paul Atkins for SEC Chairman and Jerome Powell comparing bitcoin to digital gold are the primary drivers behind this latest price surge.

Both of these updates are significant as they pave the way for wider mainstream and institutional adoption over the coming weeks, months, and years.

We’ve even talked about the benefits for central banks to take on bitcoin balance sheet exposure and Powell’s comments could do a lot towards accelerating the reality of this timeline.

It will be worth keeping an eye on the price of ETH over the coming sessions. The second largest crypto asset had been lagging this year before recently breaking out.

ETH has yet to take out its record high from 2021. A push back above $4k in the coming sessions could set the stage for this to play out into year end.