LMAX Digital volumes were steady overall on Wednesday. Total notional volume for Wednesday came in at $540 million, just 2% below 30-day average volume.

Bitcoin volume printed $287 million on Wednesday, 10% above 30-day average volume. Ether volume came in at $64 million, 12% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,685 and average position size for ether at $2,576.

Market volatility has cooled off since peaking out earlier this week. We’re looking at average daily ranges in bitcoin and ether of $4,381 and $196 respectively.

Things have been relatively quiet in the crypto market over the past 24 hours. We’ve seen some mild downside pressure, though nothing that would compromise the constructive outlook.

Bitcoin has been consolidating since pushing to a fresh record high earlier this week. Meanwhile, ETH remains confined to a frustrating, choppy consolidation of its own, as many wait for the world’s second largest crypto asset to finally get going back towards a retest and break of its 2021 record high.

There has been quite a bit of criticism within the community around the leadership and progress of Ethereum. This criticism seems to be making productive waves and we’re already seeing many positive responses from key members within the ecosystem.

On Wednesday, Etherealize was unveiled, a new institutional marketing and product arm for the Ethereum ecosystem. As per the organization’s own words, the aim will be to “accelerate adoption by bringing institutions to Ethereum.”

Technically speaking, bitcoin is now focused on the next major upside extension towards $130k, with formidable demand seen on dips below $100k.

And as far as ETH goes, there is plenty of demand on dips down towards and below $3k, with the market looking like it is positioning itself for the next big surge back above $4k and towards a retest and break of the record high.

Look for an ETHUSD break back above $3,530 to confirm the bullish outlook and accelerate gains.