LMAX Digital volumes recovered exceptionally well on Wednesday, this after the Tuesday dip. Total notional volume for Wednesday came in at $1.67 billion, 36% above 30-day average volume. None of this was a surprise as bitcoin ascended to a fresh record high.

Bitcoin volume jumped back to $903 million, also 36% above 30-day average volume, while ether volume exploded to its highest level since September 24th. Wednesday’s ether volume came in at $557 million, 57% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $13,758 and average position size for ether at $5,913.

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 $2,890 and $214 respectively.

Plenty of attention in crypto this week, with bitcoin finally breaking through to a fresh record high and carrying the rest of the market with it. Ether has been flexing as well, closing in on its own record peak from May, after establishing back above $4,000.

The arrival of the long awaited bitcoin ETF in the US has been turning many heads and has now invited plenty of traditional investors to take on exposure to the emerging asset. The bitcoin ETF has already become the second-heaviest traded ETF on record.

Of course, we also think crypto assets have been helped along by the resurgence in global risk appetite and demand for US equities. This is something that could be worrying, particularly with inflation risk and COVID risk still very much needing to be considered.

Another warning sign, at least over the coming days, is the technical extension in bitcoin and ether, both overbought against the US Dollar and at risk for a period of correction to allow for these studies to unwind.