LMAX Digital’s total notional volume for Tuesday came in at $2.23 billion, down 10% from 30-day average volume. Bitcoin volume for Monday came in at  $972 million, off 24% from 30-day average volume.

But Ether volume continued to stand out. On Tuesday, Ether volume actually shot up, coming in at $783 million, up 14% from the previous day, and 24% above average 30-day volume.

Total notional volume at LMAX Digital over the past 30 days comes in at $73.96 billion. Average trading size for Bitcoin comes in at $12,000. Average trading size for Ether comes in at $7,500. The average daily trading range for BTCUSD is $5,010. The average daily trading range for ETHUSD is $488.

Setbacks have been finding support in recent sessions and we have been seeing many larger players and institutional types excited to be buying in, with some increasing exposure and others only finally establishing exposure just now. Worries around the environmental impact of cryptocurrencies and regulatory headwinds have also died down.

The timing of the start to the rebound earlier this week had coincided with the news of the establishment of the Bitcoin Mining Council, though with the market having already come off so hard and with the longer-term value proposition so compelling, it also made sense to see the aggressive dip buying. Venture capital and M&A related activity in the space also continues to push forward at a healthy pace.

Many in the Ethereum community are celebrating the fact that the market has been resilient in the face of intense adversity. That there was a $1 trillion drawdown in the crypto market capitalization, all whille smart contracts operated well and decentralized finance reacted without incident, proved to be a great success and huge vote of confidence for decentralized technology.