Total notional volume at LMAX Digital for Tuesday was strong and volumes overall have been impressive in the month of October. For Tuesday, total notional volume came in at $1.4 billion, 16% above 30-day average volume.

Bitcoin volume was also up a nice amount from 30-day average volume, coming in at $737 million, representing a 14% jump. But ether was the star of the day on Tuesday. Ether volume came in at $464 million, 33% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,247 and average position size for ether at $5,081.

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 $2,621 and $206 respectively.

As per our Tuesday note, demand for crypto assets has been strong, though we are running into a bit of resistance. We highlighted bitcoin’s current struggle around the 78.6% fib retracement off of the record high to June low move (just over $57,000), and we’ll need to see the market establish back above $58,000 to encourage the next wave of bullish momentum.

There has been strong evidence to suggest we could indeed see that next push higher sooner than later, with reports of a clear pickup in overall blockchain activity. Bitcoin is up some 30% in October, and this price rise has also been accompanied by a 19% increase in user activity on the network.

Another positive has come by way of Tuesday’s Coinbase announcement to enter the NFT space. NFTs have been a major vehicle driving mainstream adoption in 2021, and yet, there has been a lack of reassuring custody solutions. Many collectors have built up 7 figure exposure in NFT digital assets, and these collectors will likely find comfort in the news.