A mixed start to the week on the volume front. While total notional volume and bitcoin volume were down from their respective 30-day averages, ether was shining bright, with volume there picking up a healthy amount.

Still, total notional volume was above the yard mark and only off about 10% from the 30-day average. Bitcoin volume was down a little more on Monday, 24% below 30-day average volume, coming in at $479 million.

Ether was the star of the day, with volume up 23% from 30-day average volume, coming in at $366 million. Average position size for ether also ticked up on Monday to $5,386, 17% above 30-day average position size.

Setbacks in the price of bitcoin have been well supported in recent sessions. But it’s ether that’s been the more impressive of the two, with the younger cousin outperforming and threatening a break of key resistance in the $3,400 area.

Ultimately, we think it will be hard for ether to establish back above $3,400 without the help of a bitcoin rally. But the outperformance has been impressive and noteworthy.

We think a lot of this has to do with a wave of institutional adoption shifting over the Ethereum as the protocol ramps up capabilities. We also think the explosion of NFTs has served the price of ether well, given the fact that the technology presents as a formidable on ramp.

On Monday, famed NFT investor Vincent Van Dough announced the launch of an NFT fund with Three Arrows Capital. The fund, appropriately named Starry Night Capital, plans to raise $100 million to invest in the digital art space.