LMAX Digital volumes for Tuesday recorded the biggest print on the year thus far. Total notional volume for Tuesday came in at $2.6 billion, 282% above 30-day average volume.

Bitcoin volume printed $1.8 billion on Tuesday, 282% above 30-day average volume. Ether volume came in at $539 million, 195% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $15,184 and average position size for ether at $3,499.

Market volatility has turned up in a big way, racing passed the January peak and tracking to the highest levels since 2022. We’re looking at average daily ranges in bitcoin and ether of $3,104 and $183 respectively.

Bitcoin has finally done it, pushing through to a fresh record high. The priced managed to clear the previous peak from November 2021, before this latest minor pullback and consolidation.

As per our Tuesday insights, at this stage, a deeper correction should not be ruled out to allow for stretched technical studies to unwind. Having said that, the break to a fresh record high is significant and sets the stage for the next big push towards $100k.

As far as setbacks go, we expect any meaningful setbacks will be exceptionally well supported on dips, with the $50k area now seen as a formidable support zone. It’s possible there are some quick drops below $50k. But any such dips should be short-lived.

Fundamentally speaking, the record inflows into the bitcoin spot ETFs continues to generate a lot of buzz. Appetite from traditional market participants is running high, especially at a time when store of value assets are in vogue, as reflected in the concurrent record run in the price of gold.

Moving on, Microstrategy continues to make headlines, with the company announcing a proposal of a $600 million convertible senior notes offering to buy more bitcoin. Microstrategy is the largest corporate holder of bitcoin, with total holdings coming in around $13 billion.