LMAX Digital volumes rose to their highest daily level since early March on Tuesday. Total notional volume for Tuesday came in at $1.9 billion, 304% above 30-day average volume.

Bitcoin volume printed $1.3 billion on Tuesday, 325% above 30-day average volume. Ether volume came in at $317 million, 252% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,940 and average position size for ether at $3,265.

Market volatility has been trending back up since bottoming out in October. We’re looking at average daily ranges in bitcoin and ether of $3,178 and $154 respectively.

The repricing of regulatory risk in the US continues to be a major market theme right now. The expectation is that a crypto friendly Trump presidency will usher in the next big wave of adoption and demand for crypto assets.

Elon Musk has called on President Trump to use cryptocurrency to address America’s unsustainable debt growth and Trump himself has touched on the idea of using bitcoin to pay off debt by way of a bitcoin reserve.

At the same time, it would be foolish to ignore the pace of the moves we’ve been seeing and not consider the possibility for a period of correction and consolidation before a resumption of the uptrend.

We’re already seeing some pullback in recent sessions. Technically speaking however, dips should be well supported as the market looks for that next higher low.

If we consider historical Q4 performance for bitcoin and crypto assets overall, there does still appear to be quite a bit of room to run between now and year end.

With that said, we suspect any corrections in the price of bitcoin will be shallow, at least until the market finally takes out the much talked about psychological barrier at $100,000.