LMAX Digital volumes were light on Tuesday. Total notional volume for Tuesday came in at $352 million, 48% below 30-day average volume.

Bitcoin volume printed $207 million on Tuesday, 47% below 30-day average volume. Ether volume came in at $74 million, 60% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,978 and average position size for ether at $4,651.

Market volatility is consolidating off peak levels from Mid-March. We’re looking at average daily ranges in bitcoin and ether of $3,238 and $186 respectively.

Bitcoin has been moving steadily higher in the aftermath of the latest halving event. This has many out there getting excited about what could be in the months ahead based on what we saw after the previous three halving events.

The previous three halving events were followed by substantial gains in price in the 50 to 100 days that followed. At the same time, the difference this time round is that bitcoin has already enjoyed a nice run higher and is trading below recently printed record highs.

Overall, whether or not we see a more immediate push higher is less relevant in our view. The key takeaway is that the price is indeed expected to continue to push higher and it’s only a question of whether or not we see a brief period of deeper correction before that next bull run ensues.

As per recent commentary, we now believe the extent of any bitcoin pullback in 2024 should be limited to the $45-50k area, with any setbacks below $45k to be exceptionally short-lived.

On the news front, the SEC has delayed its decision making on spot ETH ETF applications from Franklin Templeton and Grayscale to June 11 of this year. Meanwhile, the Blockchain Association is suing the SEC over its new definition of broker-dealers.