LMAX Digital volumes were strong to start the week. Total notional volume for Monday came in at $480 million, 44% above 30-day average volume.

Bitcoin volume printed $292 million on Monday, 57% above 30-day average volume. Ether volume came in at $117 million, 21% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,607 and average position size for ether at $4,013.

Market volatility has picked back up in recent weeks. We’re looking at average daily ranges in bitcoin and ether of $2,384 and $139 respectively.

Crypto assets continue to show just how resilient they are, with setbacks well absorbed at every turn.

In recent days, there has been clear downside pressure from Mt. Gox repayment related bitcoin selling, and from the latest round of ETH ETF outflows.

Yet, the market has had plenty of time to digest the Mt. Gox news and holds a high level of conviction that as bitcoin becomes more adopted and mainstream, the price should only go higher.

As far as the ETH ETF outflows are concerned, this too has been well anticipated by the market.

Much like with the bitcoin spot ETF launches, we are seeing initial outflows on account of repositioning out of a less favorable pre-existing Grayscale structure.

If we remove Grayscale from the equation, we are seeing a healthy amount of net inflows across all of the other ETH ETFs.

On balance, the Mt. Gox repayments will get done, and the rotation out of the Grayscale product will come to an end, thereby removing what has been a healthy amount of selling pressure, which the market has done a great job taking in stride.

This should open the door to some favorable price action in the days, weeks, and months ahead, which we anticipate will translate to bitcoin pushing towards $100k and ETH finally taking out that record high from 2021.

It’s also worth highlighting that the bullish impact from bitcoin halving events has a tendency to kick in 100 days after the event. Monday was the 100th day post halving, which further encourages the overall  outlook.