Another day of impressive volume at LMAX Digital. On Wednesday, total notional volume, bitcoin volume, and ether volume, were all up above 30-day average volumes.

Total notional volume came in at $1.5 billion, 24% above 30-day average volume, bitcoin volume came in at $687 million, 6% above 30-day average volume, and ether volume came in at $521 million, a jaw dropping 64% above 30-day average volume.

Total notional volume over the past 30 days comes in at $36 billion. Average position sizes in bitcoin and ether over the past 30 days come in at $9,741 and $4,661 respectively.

The story this week has been about the outperformance in the price of ether. All of the attention around the protocol is coming from the amazing success Ethereum has been having by way of breakthroughs in the decentralized finance and NFT spaces.

The ability for Ethereum innovations to appeal to the mainstream has been instrumental in driving mainstream adoption, with traditional players having an easier time understanding front end applications that are more familiar.

Technically speaking, ether broke out above important resistance against the US Dollar earlier this week, which has helped to fuel demand. At the same time, we recommend looking to the price of bitcoin now, which has yet to establish above its own important resistance.

Should bitcoin establish back above $50,505, this could open a further acceleration of ether demand. However, if bitcoin is unable to establish above $50,505, we would recommend proceeding with caution as far as short-term bullish expectations around ether go.