LMAX Digital volumes were solid overall on Wednesday. Total notional volume for Wednesday came in at $388 million, on par with 30-day average volume.

Bitcoin volume printed $265 million, 34% above 30-day average volume. Ether volume came in at $74 million, 45% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,831 and average position size for ether at $3,633.

Bitcoin volatility continues to trend lower since peaking in March. Ether volatility has however shown signs of wanting to bottom out. We’re looking at average daily ranges in bitcoin and ether of $2,122 and $139 respectively.

We continue to see healthy inflows into the crypto space. Already this week we saw the second highest daily inflows since the bitcoin ETF inception.

We’ve also now seen the 17th consecutive day of net inflows into the bitcoin spot ETFs, matching the longest streak of inflows.

A lot of this positive flow could be coming from the macro front, where traditional investors have been more comfortable taking on risk as Fed rate cut pricing moves back up towards a more investor friendly expectation of 2 full rate cuts in 2024.

Another interesting and supportive storyline is coming from the news of the collaboration between BlackRock and Citadel Securities to launch the Texas Stock Exchange (TXSE).

The exchange aims to be operational by 2025 and host its first listing in 2026. Given the players involved, it’s clear the initiative will help to promote a further mainstream adoption and integration of crypto into the traditional finance space.