We saw a big jump in volume across the board at LMAX Digital on Wednesday. Plenty of new demand, translated to the surge in volume, with total notional volume for the day coming in at $1.9 billion, 42% above 30-day average volume.

Bitcoin volume for the day came in at $1.2 billion, a whopping 69% above 30-day average volume, while ether volume recovered nicely from the day before, coming in at $421 million, 6% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,977 and average position size for ether at $4,914.

Volatility has been slowly picking up since finding a bottom in July. We’re now looking at average daily ranges in bitcoin and ether of $2,697 and $238 respectively.

A Bank of America research note is getting attention after the major institution said the digital asset universe had simply grown by too much to ignore. The note goes beyond talking  bitcoin and extends into the other layers of cryptocurrency as well.

Bank of America also highlighted the massive inflows into the space from venture capital firms, which pumped $17 billion in investments in H1 2021, as compared with just $5.5 billion a year earlier.

Market participants have also been extremely impressed with the ability for crypto assets to hold up earlier this week, despite what had been intense downside pressure in US equities.

Technically speaking, bitcoin has cleared important resistance in the form of the September high around $53,000, which introduces the possibility for a fresh upside extension back towards a retest of the record high from earlier this year just ahead of $65,000.