LMAX Digital volumes got off to an impressive start this week. Total notional volume for Monday came in at $846 million, 108% above 30-day average volume.

Bitcoin volume printed $373 million on Monday, 48% above 30-day average volume. Ether volume came in at $386 million, 292% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,119 and average position size for ether at $3,463.

Market volatility has turned back up in recent sessions. We’re looking at average daily ranges in bitcoin and ether of $2,681 and $168 respectively.

It comes as no surprise to see ETH volumes surging over the past 24 hours. There has been a very clear 180 shift on expectations towards a more imminent SEC approval of the ETH spot ETFs, and the market has reacted accordingly.

Earlier on in Monday trade, the overwhelming view was that we wouldn’t be seeing a spot ETH ETF approval in the days ahead.

But as news broke of the SEC asking exchanges to update 19b-4 filings, there was a quick turnaround, with the odds tilting dramatically back towards an expectation spot ETH ETFs would indeed be approved in the days ahead.

VanEck’s funny ‘no sleep‘ tweet generated even more optimism, as the SEC is supposed to make a decision on VanEck’s spot ETH ETF this Thursday.

It’s important to understand that the big picture view has always been that there will eventually be an SEC approval of a spot ETH ETF. The market had just been more downbeat about anything happening anytime soon, which had been a bit of a drag on the price of ETH in 2024.

There were some signs things could be heading in this direction after last week’s US Senate vote to repeal the SEC’s Staff Accounting Bulletin (SAB 121).

Ultimately, the vote reflects a shift towards a more crypto friendly regulatory environment and could be symbolic of a wider recognition by the Democrats that the pro crypto vote is going to be an important one in the upcoming election.

Several weeks back, we speculated on what could be the next big catalyst to get bitcoin pushing towards $100k. We suggested it could come from positive sentiment towards ETH, with ETH having yet to take out its 2021 record high.

Today, this picture is becoming a little clearer as it appears ETH could be on the move towards a break of the yearly high and assault on that critical level from 2021.

The approval of ETH ETFs will be a significant moment for crypto assets, and perhaps in many ways even more significant than the bitcoin ETF approvals, as it will send a message of wider acceptance and recognition of the potential of crypto as a multi-faceted, multi-dimensional asset class.