Total notional volume for September came in at $39.57 billion. This was the highest volume at LMAX Digital since record volumes back in May.

We did see a little dip in volume last week, as compared with the week before. Total notional volume came in at  $6.3 billion last week from Monday to Friday, as compared with $8.8 billion a week earlier.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,284 and average position size for ether at $4,773.

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 $2,461 and $241 respectively.

An impressive recovery for crypto assets in the previous week, especially when considering what had been some downside pressure in US equities.

It seems a lot of this support came from the words of SEC Chairman Gensler who reiterated support for future ETFs.

Meanwhile, over in Canada, the decision to approve a multi-cryptocurrency ETF was also seen helping the overall cause.

Government acceptance and regulatory headwinds have been ongoing issues for the space and recent developments at least make the outlook more encouraging.

Looking ahead, it will be important to keep an eye on global risk sentiment and investor expectations around Fed policy.

Later in the week, we get the US jobs report, which we suspect will have an impact on the market overall.

Technically speaking, as per our analysis above, the bitcoin rally has been impressive, though the price still remains confined to a choppy consolidation.